Press Release

Singapore

Olam Group Limited (“Olam Group”) today published its 2023 Annual Report, which highlights the Group’s financial and non-financial achievements across three comprehensive components: Strategic Report, Governance Report and Financial Report.

The Annual Report details key updates and highlights for the Group in 2023, including:

• Long-term growth and value creation for shareholders:

  • Double-digit EBIT growth at both ofi and Olam Agri, reinforces the sharper focus and core business transformation that underpins the Re-organisation plan

  • Launched a share buyback programme within the current mandate and renewal of this mandate at the upcoming Annual General Meeting on April 25, 2024.

• Sustainability focus:

  • Each of Group’s operating groups are advancing their approach to sustainability in line with their business strategies, focused on key areas where they can make a positive difference.

  • ofi is listed on the Sustainalytics' 2024 Top-Rated ESG Companies List and has been selected as one of 100 companies that will pilot the EU Deforestation Regulation information system.

  • Olam Agri joined the COP28 Action Agenda on Regenerative Landscapes flagship initiative and the First Movers Coalition for Food to aggregate market demand for sustainably produced and low-emission agricultural commodities and launched the largest certified regenerative agriculture programme in the cotton supply chain globally, certified by regenagri®.

• Nurturing businesses to grow:

  • Nupo Ventures continues to nurture Purpose businesses – its Jiva business grew significantly during the year adding 50,000 farmers in Indonesia and three million farmers to its AgriCentral platform in India; Terrascope expanded into Bangalore, Japan, UK and Australia, enhanced product offerings and new strategic partnerships with its client base more than trebled.

  • Mindsprint saw its development aided by the addition of new third party customers, strengthening its proposition with a focus on supply chain, data and analytics, enterprise technology and digital transformation service offerings.

Sunny Verghese, Co-Founder and Group CEO of Olam Group, said: “As the world faces complex challenges and disruptions, I take pride in our organisation's resilience. This is evident not only in our operational performance but also in the unwavering dedication and efforts of our employees to enhance connections, serve our customers and communities, and advance our Purpose of reshaping global food and agriculture systems for a more sustainable future.”

Mr Verghese, who is also CEO of Olam Agri, added: "I'm proud of Olam Agri's ongoing success in achieving high growth, capital efficiency, and returns, solidifying our position as a preferred long-term partner for customers and suppliers. With food security growing in importance, we're well-positioned to meet increasing demand for food, feed, and fibre, especially in dynamic markets across Asia, Africa, and the Middle East."

A. Shekhar, CEO of ofi, said: "I'm pleased with our 2023 performance and strategic delivery as we pivot towards a more solutions-led and customer-centric organisation. We inaugurated new facilities, expanded capacity and invested in our plants in multiple countries around the world to strengthen our unique ingredients and solutions offering. Combining our world-class sourcing and sustainability capabilities with increasing know-how in application development we are delivering comprehensive and integrated category solutions to our customers, which evolving consumer trends and industry regulation make ever more critical.”