Olam Group’s 2024 Annual Report reveals sustained growth, major investment milestones, and progress towards global sustainability standards ahead of its upcoming AGM.
Singapore, April 2025 – Olam Group Limited has released its 2024 Annual Report, providing a comprehensive overview of its financial and non-financial performance through the Strategic Report, Governance Report, and Financial Report. The Report outlines how the Group has maintained momentum in its growth trajectory, enhanced operational performance, and made significant progress in its long-term transformation strategy.
The Group reported a robust year, delivering Earnings Before Interest and Tax (EBIT) growth, double-digit increases in sales volumes, and improved operating cash flow. Its operating groups – ofi (Olam Food Ingredients) and Olam Agri – continued to expand through both organic growth and targeted acquisitions. A highlight of the year was the proposed sale of a 44.58% stake in Olam Agri to the Saudi Agricultural and Livestock Investment Company (SALIC) for approximately US$1.78 billion, a major milestone in the Group’s Re-organisation Plan. This transaction clears the path for further strategic options, including a potential initial public offering (IPO) for OFI.
On the sustainability front, the Group reaffirmed its commitment to responsible sourcing and climate action. Both ofi and Olam Agri are proactively aligning with the European Union Deforestation Regulation (EUDR), which takes effect in late 2025. Olam has also introduced a living income calculator to uplift farmer incomes, with ambitions to positively impact 700,000 farming households by 2030.
The Group continues to improve climate-related disclosures in accordance with the IFRS Sustainability Disclosure Standards and is advancing efforts to adopt the Taskforce on Nature-related Financial Disclosures (TNFD). These actions are further supported by enhancements in ratings under the Carbon Disclosure Project (CDP).
Olam Group Co-Founder and CEO, Sunny Verghese, said: “Our resilience and agility to navigate market changes is a testament to the differentiated business models of our operating groups, and the contributions of our employees to meet our customers’ and stakeholders’ needs. The Group has developed and grown multiple businesses that have become leaders in their sectors. This year has seen solid progress in our performance and has marked the achievement of a significant milestone in our Re-organisation Plan, and we can look to the future with confidence.”
Mr Verghese, who is also CEO of Olam Agri, said: “Olam Agri has sustained its growth momentum, and has invested to strengthen and expand our capabilities to deliver value for customers, enable farming communities to prosper sustainably, and meet the changing needs shaping the global food and agricultural landscape. Together with SALIC, we expect to further deliver on our shared vision and focus on sustainable sourcing to meet the rising demand for food, feed and fibre across key markets.”
A. Shekhar, CEO of ofi, said: “The past year has been one of significant achievements and strategic progress for ofi, despite unprecedented price volatility across many of its products. Our deep market insights, agile supply chain and effective risk management maintained a steady flow of high-quality ingredients worldwide, showcasing our capacity to deliver through the power of integration at scale. We are proud to have supported our customers every step of the way, and our strong performance, coupled with our commitment to sustainability and innovation, positions us well for continued success.”
Olam Group’s 2025 Annual General Meeting (AGM) will be held in person on Friday, 25 April 2025, at 2.00 p.m. Singapore time at Marina Bay Sands Convention Centre, Singapore. Shareholders are advised that no virtual participation will be available, and real-time voting will be conducted onsite.
The full 2024 Annual Report and the Supplementary Sustainability Disclosures aligned with GRI standards are available on Olam Group’s official website.
Source: Olam Group Limited
