Olam Group Limited has released its Annual Report for 2023, showcasing both financial and non-financial achievements across three main components: the Strategic Report, Governance Report, and Financial Report.
The report outlines significant updates and milestones for the Group throughout 2023, including:
- Long-term Growth and Value Creation for Shareholders:
- Achieved double-digit EBIT growth at both ofi and Olam Agri, reflecting the effectiveness of the Re-organisation plan’s sharper focus and core business transformation.
- Initiated a share buyback program within the existing mandate, with plans for its renewal at the forthcoming Annual General Meeting on April 25, 2024.
- Sustainability Focus:
- Each operating group within the Group is advancing sustainability efforts aligned with their business strategies, concentrating on key areas where they can drive positive impact.
- ofi earned a spot on Sustainalytics’ 2024 Top-Rated ESG Companies List and was chosen as one of 100 companies to pioneer 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, aiming to stimulate market demand for sustainably produced and low-emission agricultural commodities. Furthermore, it launched the largest certified regenerative agriculture program in the global cotton supply chain, certified by regenagri®.
- Nurturing Business Growth:
- Nupo Ventures continues to foster Purpose businesses, with notable growth in its Jiva business, which expanded significantly by adding 50,000 farmers in Indonesia and three million farmers to its AgriCentral platform in India.
- Terrascope expanded its operations into Bangalore, Japan, UK, and Australia, while enhancing product offerings and forming new strategic partnerships, resulting in a more than threefold increase in its client base.
- Mindsprint witnessed 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, expressed pride in the organization’s resilience amid complex challenges and disruptions. He highlighted the dedication of employees to enhancing connections, serving customers and communities, and advancing the Group’s Purpose of reshaping global food and agriculture systems for a more sustainable future.
Mr. Verghese, also CEO of Olam Agri, emphasized Olam Agri’s ongoing success in achieving high growth, capital efficiency, and returns, positioning the company as a preferred long-term partner for customers and suppliers, particularly in markets across Asia, Africa, and the Middle East.
A. Shekhar, CEO of ofi, expressed satisfaction with the performance and strategic delivery in 2023, emphasizing the transition towards a more solutions-led and customer-centric organization. He highlighted investments in facilities and capacity expansion worldwide, strengthening of the unique ingredients and solutions offering, and the delivery of comprehensive and integrated category solutions to customers, aligning with evolving consumer trends and industry regulations.
