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Olam Group reported an improvement in its 2H 2023 performance, although its full-year profits dropped 56% to S$278.7mn ($207mn). In H2, its earnings rose 15.5% to S$230.8mn ($172mn) after H1 saw a 90% profit slump partially caused by lower crop yields from its almond orchards in Australia and a delay to list Olam Agri in Saudi Arabia. The dip in its full-year results was partly attributed to high interest rates that it said had caused a significant increase in net finance costs of S$401.9mn ($299mn). The company also announced the launch of a share buyback program for up to a maximum of 5% of total outstanding shares. It added that as part of its business restructuring efforts, it plans to close two units — an asset management company and a nut sales operation.
Olam’s bonds have been on an uptrend ever since it denied any evidence that its Nigeria unit was involved in an alleged $50bn foreign exchange fraud. This was after its bonds were under pressure over the last year as a result of the above case