Olam hits key growth goals within its annual report
Olam International has unveiled its 2019 Annual Report, which outlines how the company has delivered key financial growth trends after splitting the business into two distinct divisions.
Its figures for last year showed EBITDA up 25.6 to S$1.55 billion and PATMI up 62.2% to S$564.1 million, amid a period of major strategic re-organisation for the global agri-business, which includes strong interests in the cocoa sector.
Among its main five-year plan, the company is investing S$1.1 billion to strengthen businesses with high growth potential, as well as divesting deprioritised assets and businesses, releasing cash of S$488.1 million. Furthermore, the company has delivered $70 million in operational efficiencies.
Welcoming the results, Sunny Verghese, Olam’s co-founder and group CEO, said: “We ended Year One of our Strategic Plan on a strong note having executed well, meeting or exceeding most goals and targets for 2019. Coupled with the re-organisation of Olam, this has put us in the best possible position to navigate the challenges of the Covid-19 pandemic in which our priority is ensuring the safety and wellbeing of our staff while working with stakeholders to ensure supplies continue with as little interruption as possible. With Olam’s role at the centre of delivering food, feed and fibre to the world, living our Purpose of ‘Re-imagining Global Agriculture and Food Systems’ has never been more critical.”
A.Shekhar, Chief Executive Officer of Olam Food Ingredients (OFI) , added that the reorganisation of Olam, building on its core strategy, enables the business to unlock intrinsic value in its portfolio. He said the company continued to work closely with customers to provide the tailored solutions they need, both today in these extraordinary times and in the future.
He said: “Our unique value offerings – traceable, sustainable supply chains via AtSource, reliable logistics and innovative applications and ingredient solutions – are even more fundamental in helping our customers grow their businesses in the post Covid-19 era.”
- A full copy of the company’s annual report can be seen here