Olam Group Limited has announced a 9.2% increase in earnings before interest and taxes (EBIT) for the financial year 2024, primarily attributed to robust performances from its ofi and Olam Agri divisions. The company reported a significant rise in sales, with revenue from goods and services reaching $56.2 billion, marking a 16.3% increase from the previous year.
The financial results, released for the six months and full year ending 31 December 2024, highlight a notable 24% increase in sales for the second half of the year compared to the same period in 2023. Despite this growth, the company faced challenges with a 63.4% decline in profit for the year, amounting to $128.3 million, down from $351 million in 2023.
The group’s operating expenses rose by 16.5% to $51.3 billion, reflecting increased costs associated with its expanding operations. However, Olam Group managed to achieve a 165.5% increase in net gains from changes in the fair value of biological assets, contributing positively to its financial performance.
The company’s finance costs also saw a substantial rise of 36.2%, reaching $1.76 billion, which impacted the overall profit before tax, resulting in a 51% decrease to $201.5 million. Despite these financial pressures, Olam Group remains optimistic about its strategic initiatives and future growth prospects.
Looking ahead, Olam Group is focused on leveraging its core strengths in the food and agri-business sectors to drive further growth and value creation. The company aims to continue its investment in sustainable practices and innovation to enhance its competitive edge in the global market.
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