Global coffee, food, and agri-business Olam International has published its 2020 Annual Report, which outlines the company’s financial and non-financial performance for the year.
This includes how Olam:
- Successfully navigated the pandemic to emerge stronger, delivering robust operational financial performance in 2020
- Strong execution of the group’s strategic plan to drive sustainable growth
- Made significant progress on its re-organisation plan to unlock and maximise long-term sustainable value via carve-out, IPO, and concurrent demerger of Olam Food Ingredients (OFI) and pursue similar strategic options for Olam Global Agri (OGA)
- Continued to live out its Purpose of ‘Re-imagining Global Agriculture and Food Systems’
“2020 was one of our strongest years on record as we delivered operational earnings growth of 36 per cent to S$677.8 million even as we contended with the COVID-19 pandemic. We also made significant progress on our transformational Re-organisation Plan to unlock and illuminate the current value of our business and develop new strategic pathways that drive sustainable growth for the Group,” says Sunny Verghese, Co-Founder and Group CEO of Olam.
Olam’s purpose of ‘Re-imagining Global Agriculture and Food Systems’ continues to be a key contributor to its strategy and guides what action it takes to meet the needs of a growing global population while creating long-term value for all.
“OFI’s first year as a separate operating group was a truly exciting one as we overcame the challenges posed by the pandemic in H1 and delivered resilient all-round performance in H2. We also continued to invest in attractive growth segments like our acquisition of a leading US based chilli pepper business, as well as greenfield investments for manufacturing soluble coffee in Brazil and Dairy ingredients in New Zealand,” A. Shekhar, Chief Executive Officer of OFI, says.
“OFI’s ‘on-trend’ value-added portfolio allows us to offer our customers more choices, including sustainably sourced and traceable Food & Beverage ingredients, as well asinnovative end-use application solutions. We are also reaching new customers by expanding our capabilities in targeted end-use categories like Bakery, Confectionery, Beverages, Snacks and Culinary. We remain excited and optimistic about the future growth prospects for OFI as we progress towards the proposed carve-out and concurrent demerger and listing by H1 2022.”
Olam will hold its 26th Annual General Meeting on 23 April 2021.
For more information, visit www.olamgroup.com/investors/investor-library.html