SINGAPORE — Olam Group saw its 2024 earnings before income tax climb 9.2% to S$1.9 billion ($1.4 billion) on revenues of S$56.2 billion ($41.8 billion), which were up 16% and helped by continued growth in Olam Agri.

Results were attributed mainly to 29% growth from ofi, a segment that trades in coffee and cocoa, and 5.8% growth from grains trader and processor Olam Agri, which offset higher losses from the remaining Olam Group, the company said in its Feb. 28 report.

Olam Agri’s EBIT increased 5.8% to S$1.02 billion from 2023 led by a 32% year-on-year growth in fiber, agri-industrials and ag services. Olam Agri is a global trading and processing company across 30 countries, specializing in grains, oilseeds, rice, milling and animal feed.

“Olam Agri sustained growth momentum with higher EBIT and steady EBIT margin per tonne despite headwinds such as persistently high interest rates, currency volatility as well as inflation and economic slowdown in key markets,” said Sunny Verghese, founder and chief executive officer of Olam Group. Verghese is also CEO of Olam Agri. 

The Saudi Agriculture & Livestock Investment Company (SALIC) recently upped its ownership stake in Olam Agri by purchasing an additional 44.7% for $1.78 billion with an option to purchase the remaining 20% in the next three years as Olam Group pursues its reorganization plan.

“Together with SALIC, we expect to further deliver on our shared vision and focus on sustainable sourcing and commitment to meet the rising demand for food, feed and fiber and food security challenges across key markets,” Verghese said.

 Looking ahead, Olam Group said it expects 2025 to experience continued uncertainty due to various geopolitical and macroeconomic factors, such as impacts from US trade policies, potentially more tense US-China trade relations, sluggish economic growth in China, political uncertainties around the Ukraine-Russia war and the Middle East conflicts. Inflation outlook also remains uncertain.