Olam Group’s FY23 PATMI drops 55.7% YoY

PATMI for the period was $278.7m.

Olam Group ended the financial year 2023 with a 55.7% YoY lower profit after tax and minority interests (PATMI) of $278.7m.
The company’s full-year PATMI declined despite a 10.1% YoY growth in its Earnings Before Interest and Taxes (EBIT).

In a bourse filing, Olam Group said a full-year impact of higher interest rates, lower contribution from Olam Agri following its 35.4% stake sale to the Saudi Agricultural and Livestock Investment Company (SALIC), and higher exceptional losses offset its double-digit EBIT growth.

Despite a lower PATMI, the board recommended a final dividend of $0.04 per share, taking the full-year dividend to $0.07.

Meanwhile, the group announced the launch of a share buyback programme for up to 5.0% of total outstanding shares at its upcoming Annual General Meeting in April.

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