Olam Group has reported a robust performance for the first half of 2024, achieving an 8.3% growth in Earnings Before Interest and Taxes (EBIT) and maintaining a steady Profit After Tax and Minority Interests (PATMI). The company attributed this success to strong operational efficiencies and favourable market conditions across its diversified portfolio.
In a statement, the Group announced: “Olam Group delivered an 8.3% growth in EBIT and steady PATMI for the first half of 2024.” This performance highlights the resilience and strategic positioning of the company in navigating global market challenges.
Sunny Verghese, Co-Founder and Group CEO of Olam Group, commented on the results: “Our performance in H1 2024 underscores the effectiveness of our strategy and the strength of our diversified business model. We have focused on driving efficiencies across our operations, while also benefiting from positive market dynamics in key segments.”
The Group’s revenue for H1 2024 reached $20.9 billion, representing a 4.7% increase compared to the same period last year. The growth in EBIT was supported by strong performances in the Food & Beverage and Agri-business segments, which saw significant demand and pricing improvements.
In addition to financial performance, Olam Group continued to make strides in its sustainability initiatives, further embedding environmental, social, and governance (ESG) principles into its business model. The Group emphasised its commitment to long-term value creation, both financially and sustainably.
Verghese added: “We remain focused on our purpose of re-imagining global agriculture and food systems. Our continued investment in sustainability and innovation is critical to our future success and resilience in a rapidly changing world.”
Olam Group’s outlook for the remainder of 2024 remains positive, with the company anticipating continued growth and profitability, supported by its strategic initiatives and market positioning.
The company will continue to update shareholders and stakeholders on its progress as it advances its strategic priorities and operational initiatives.
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