Singapore's Olam Group (OLAG.SI) reported a nearly sixfold jump in first-half profit on Friday, boosted by gains from asset sales and a revaluation linked to its ongoing restructuring programme.
The agricultural products manufacturer logged a total one-off gain of S$1.75 billion ($1.37 billion) from the disposal of a 44.58% stake in Olam Agri and the sale of its technology services business Mindsprint.
That helped the group post profit attributable of S$1.91 billion for the six months ended June 30, compared with S$323.8 million a year earlier.
Olam declared an interim dividend of 1 Singapore cent per share, lower than last year's 2 Singapore cents. The company also announced a special dividend of 6 Singapore cents per share.
However, the group's operational profit attributable from continuing operations more than halved to S$64.4 million.
The flagship food ingredients unit, ofi, expects market volatility to continue due to geopolitical developments, evolving trade policies and weather-related supply risks.
The unit targets low- to mid-single-digit volume growth and high single-digit adjusted growth in earnings before interest and tax over the medium term, Olam said. ($1 = 1.2800 Singapore dollars)
