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332120

UPDATE 1-Singapore's Olam posts rise in first-half profit

(Adds dividend, details about results)

Aug 12 (Reuters) - Commodity trader Olam Group Ltd on Friday posted a 1.8% rise in net profit for the first half of fiscal 2022, driven by a strong performance in its Olam Agri business.

"Olam Agri is poised to build on its track record by taking advantage of the rising demand for food staples and agri-industrials raw materials as well as the shift to protein-based diets in high-growth emerging end-consumption markets," said Chief Executive Sunny Verghese.

Olam Agri, which trades grains and animal feed, edible oils, rice, cotton and commodity financial services, expects to deliver a better year-on-year performance for 2022.

For the six months ended June 30, Olam Group posted a profit attributable of S$429.1 million, compared to S$421.5 million a year ago.

The Singapore-based company said it remains committed and fully prepared to pursue its long delayed initial public offering and demerger of Olam Food Ingredients (OFI), pending favourable market conditions.

The company declared an interim dividend of 4 Singapore cents per share, in line with a year earlier. (Reporting by Riya Sharma in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel)

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