Olam posts record level annual results despite wider global market tests

The Olam Group has reported its strongest ever annual results, posting a 31% year-on year revenue increase to $47 billion, in spite of wider market pandemic turbulence impacting on industries around the world, writes Neill Barston.

Notably, the business recorded profits that were nearly three times its previous level, standing at S$686.4 million, in the wake of the company splitting its structure into OFI, specialising in food ingredients including key cocoa markets, and Olam Global Agri OGA.

Furthermore, last summer amid broader expansion across the business, its OFI division targeted a primary listing on the premium segment of the London Stock Exchange, as well as a listing in Singapore.

In the wake of this decision, it also moved to deliver a major rebranding exercise underlining its ambition to help food and beverage companies meet the growing consumer demand for natural, healthy, and sustainably sourced cocoa, coffee, dairy, nuts, and spices products.

CEO of ofi Olam A. Shekhar said: “I am very proud of the strong growth and strategic progress we are delivering as we continue to accelerate our focus to provide natural and on-trend ingredients and solutions to our established and diverse customer base across the global food and beverages industry. The strength and breadth of our sustainable ingredients portfolio and the determination of our people behind our purpose to ‘Be the Change for Good Food and a Healthy Future’ have been key drivers of our performance in 2021 and helped in our resilient recovery from the COVID-19 impact in 2020.

“2021 was an important year for ofi, and we made substantial investments in expanding the portfolio as well as in developing our talent pool and capabilities to support our future growth ambitions. We are excited by the opportunities and well positioned with a robust, resilient business model and a strong organisation to navigate the ongoing market uncertainties and continue on our exciting growth journey.”

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