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SINGAPORE : Commodity supply chain manager Olam has reported a fourth-quarter net profit of S$92.6 million, up 98.3 per cent from a year ago.
For the full year 2010, net profit grew 42.7 per cent to S$359.7 million.
The company said sales volume for the full year grew 22.5 per cent to 7 million tonnes.
That pushed revenue up by 21.7 per cent to S$10.5 billion.
Olam attributed the earnings partially to its selective expansion in upstream and midstream activities.
Meanwhile, acquired businesses accounted for 29.2 per cent and 34 per cent of net contribution and earnings before tax respectively.
The company's profit margin improved to 2.6 per cent, up from 2.1 per cent from a year before.
Olam declared a full year dividend of 4.5 cents a share compared to 3.5 cents for FY2009.
Sunny Verghese, CEO, Olam International, said: "We have built a good network of investments in the upstream in the supply chain core and the midstream, and they provide us platforms for future profitable growth, so we feel reasonably confident that we have got a good comfortable position, and we can continue to pursue profitable growth going forward."
Olam also said its offer to acquire New Zealand Dairy Farming Systems in Uruguay is part of its strategy to build its dairy business in upstream, midstream and in the supply chain. - CNA/ms
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