Olam reports lower financial results with 36.4% fall to US$94m in Q2 results

SINGAPORE – Olam International, a leading and the third largest agri-business in the world, has reported lower financial results against its strong performance in previous corresponding period. The company has reported that its Profit After Tax and Minority Interests (PATMI) is down 36.4% to US$94 million, with the operational PATMI down 40.6% to US$91.4 million.…

Olam’s joint venture Nutrifoods launches first premium oats digestive biscuits

GHANA - Nutrifoods Ghana Limited, a joint venture between Olam and Sanyo Foods has launched its first premium oats digestive biscuit under its adult health segment brand, Nutrisnax, a GNA report reveals. The Premium Nutrisnax Oats Digestive biscuit is made from oats and whole wheat, high in fibre and totally devoid of trans-fat. It will…

Olam’s director Rachel Eng Yaag to resign from the board

SINGAPORE - Olam International has announced that Ms Rachel Eng Yaag Ngee will resign from the board as an Independent Non-Executive Director effective July 31, 2018. The agri-business firm said the decision was reached by the Board of Directors following Rachel’s acceptance to step down to pursue a career in a domestic law firm, a…

Olam partners with a French firm to boost poultry production in Nigeria

NIGERIA - Olam International, through its subsidiary Olam Hatcheries Limited has signed a memorandum of understanding (MoU) with a global veterinary health company, Ceva Santé Animale S.A to boost poultry production in Nigeria. The agreement will see Ceva Santé Animale S.A, which specializes in pharmaceutical products and vaccines for companion poultry provide further support for…

Olam profit grows despite 10.5% drop in revenue for confectionery and beverage

SINGAPORE - The global agribusiness company Olam International, has reported profit growth in the 2018 first quarter results despite 10.5% drop in revenue for its confectionery and beverage segments on both lower volumes and prices. Olam reported US$274.18 million in EBITDA lower than that of Q1 2017 which stood at US$296.9 million. During the quarter…

Olam launches a sustainable and traceable sourcing solution for agricultural raw materials

SINGAPORE - Olam International, a leading global agri-business has launched AtSource, a sustainable and traceable sourcing solution that will provide unrivalled environmental and social insights into the journey of agricultural raw materials. It will also help in getting food ingredients from the farm to manufacturing and retail customers. AtSource will also enhance Olam’s ability to…

Olam launches ‘net-positive’ sustainability policy

SINGAPORE - Olam International has launched a ‘net-positive’ sustainability policy applicable to commodities globally for direct and indirect sourcing with an aim to re-generate rural landscapes and eco-systems. Under the program, deemed Olam Living Landscapes Policy (OLLP), offers a net-positive approach to agricultural supply chains and landscape management, and aims to adopt principles that support…

Olam secures financing facilities from Asian Development Bank for US$163m

SINGAPORE - Olam International Limited, a leading agri-business operating across the value chain, has secured medium term financing facilities aggregating US$163 million from the Asian Development Bank (ADB) and Japan International Cooperation Agency (JICA). The Facilities consist of two tranches; a US$83 million, 5-year facility for the Company and a US$80 million, 7-year facility for…

Olam considers expanding into fish farming in Africa to tap on growing demand

NIGERIA - Olam, Singapore-based global agribusiness company is conducting a feasibility study on fish farming in West Africa, especially Nigeria as it considers expansion strategy in a continent where protein demand is rising. A surge in population growth, rising incomes and urbanization are mounting pressure on the livestock sector to meet the growing demand for…