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SINGAPORE: Agricultural commodities company Olam International has announced a 38 per cent increase in earnings for its fiscal third quarter.
Net profit for the three months ended in March came in at S$55.7 million, on the back of a 52 per cent rise in revenue to S$2.4 billion.
Revenue was boosted by higher underlying commodity prices and a 22 per cent on-year increase in sales volume. Olam said all four segments of its business contributed to the growth.
The company also expects its year-on-year growth rate, usually referred to as compound annual growth rate (CAGR), to expand by double digits for the next three years.
Sunny Verghese, group managing director and CEO of Olam International, said: "Given the start that we've had in the first nine months, we have always refrained from giving short-term guidance.
"But we've said that we would - over the next three years - try and grow our topline (at) between 16 and 20 per cent CAGR, (and) underlying volume growth and bottomline at between 25 and 30 per cent CAGR."
Olam processes agricultural products such as edible nuts, spices, cocoa, coffee and rice. - CNA/ac
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