Olam Group's Net Profit Rises Marginally for First Half of the Year
Company Posts Slight Increase in PATMI
Interim Dividend Remains Unchanged
Singapore-based commodities trader Olam Group has reported a marginal rise in its net profit for the first half of 2024. The company's PATMI (profit after tax and minority interest) for the period ended June 30th stood at SGD 481 million, up by a slight 0.4% year-over-year.
Despite the slight increase in profitability, Olam Group declared an interim dividend of 3 Singapore cents per share, unchanged from the same period last year. The company's revenue for the first half remained relatively stable at SGD 12.1 billion, a marginal increase from SGD 12.0 billion recorded in the previous year.
Olam Group's financial performance was driven by continued strength in its food and ingredients segment, which includes its agri-business and packaged food operations. The segment saw a 2.7% growth in revenue and contributed significantly to the company's overall profitability.
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