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Olam FY2020 earnings down 22.3% on impairment; aims for subsidiary spin-off by 1HFY2022

The Edge Singapore
The Edge Singapore2/26/2021 7:37 AM GMT+08  • 2 min read
Olam FY2020 earnings down 22.3% on impairment; aims for subsidiary spin-off by 1HFY2022
Olam plans to pay total FY2020 dividend of 7.5 cents, vs 8 cents paid for FY2019
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Olam International has reported FY2020 operational PATMI of $667.8 million up 36% over the preceding year, on the back of a 8.6% growth in revenue to $35.8 billion in the same period.

However, due to an impairment of $483.9 million at its Olam Palm Gabon, the company’s earnings for the year ended Dec 31 2020 was down 22.3% to $245.7 million.

The company’s co-founder and group CEO Sunny Verghese is seeing better market conditions on recovery from the pandemic, with sentiments improving and economies “snap back”. “We expect this favourable market environment to continue to improve in 2021,” he says.

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