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Olam's 1HFY2022 earnings marginally up by 1.8% to $429.1 mil as it continues reorganisation plan

Khairani Afifi Noordin
Khairani Afifi Noordin8/12/2022 09:35 AM GMT+08  • 2 min read
Olam's 1HFY2022 earnings marginally up by 1.8% to $429.1 mil as it continues reorganisation plan
Olam is cautiously optimistic about its prospects for the rest of 2022.
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Olam Group has posted 1HFY2022 ended June earnings of $429.1 million, a slight 1.8% increase y-o-y from $421.5 million recorded in the previous corresponding period.

This is attributed to the strong EBIT growth partly offset by higher finance costs amid a high interest rate environment, taxes and higher one-off exceptional charges related to the group’s reorganisation. Excluding exceptional items, operational PATMI was up 8.2% to S$472.5 million.

The group expects to incur additional one-off and non-recurring expenses associated with the reorganisation plan in 2HFY2022 although these expenses for the full year are expected to be lower than the total recorded for 2021.

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