The Singaporean group "Olam" announced on Friday that it aims to launch its agricultural unit for an initial public offering (IPO) in the first half of 2024. The company reported an 88.8 percent decrease in its profits in the first half of this year due to reduced almond production in Australia. The commodity trading group had mentioned in May that it did not anticipate the dual listing of Olam Agriculture in Singapore and Saudi Arabia in the first half of 2023 as initially planned.
It was previously noted that the company also intends to list its Olam Food Ingredients unit as part of a comprehensive restructuring plan, but it confirmed on Friday that this will not happen before the listing of its agricultural unit. Olam Agriculture, which trades in grains, animal feed, cooking oils, rice, and cotton, reported a 9 percent decline in profits for the first half, excluding interest and taxes.
Olam Group, one of the largest agricultural commodity trading companies in the world, announced profits of 48 million Singapore dollars (35.6 million US dollars) for the six months ending June 30, compared to 429.1 million Singapore dollars a year earlier.
