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Olam launches 2020 Annual Report: Unlocking long-term value & driving sustainable growth
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Friday, 09 April, 2021, 08 : 00 AM [IST]
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Singapore
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Global food and agri-business Olam International Limited has published its 2020 Annual Report, which outlines the Company’s financial and non-financial performance for the year.
Sunny Verghese, co-founder and group CEO, Olam, said, “2020 was one of our strongest years on record as we delivered operational earnings growth of 36 per cent to $677.8 million even as we contended with the Covid-19 pandemic. We also made significant progress on our transformational re-organisation plan to unlock and illuminate the current value of our business and develop new strategic pathways that drive sustainable growth for the group.”
“As a new standalone operating group, OGA is uniquely positioned to meet the growing demand for food staples and feed across high-growth emerging markets. In the past year, our Rice brand distribution business broke records, our integrated flour and pasta manufacturing business became Nigeria’s leading pasta provider, and we are meeting the need for more traceable, sustainable agricultural commodities through platforms and initiatives like AtSource and the Sustainable Rice Platform,” added Verghese.
A. Shekhar, chief executive officer, OFI, said, “OFI’s first year as a separate operating group was a truly exciting one as we overcame the challenges posed by the pandemic in H1 and delivered resilient all-round performance in H2. We also continued to invest in attractive growth segments like our acquisition of a leading US based chilli pepper business, as well as greenfield investments for manufacturing soluble coffee in Brazil and Dairy ingredients in New Zealand.”
“OFI’s ‘on-trend’ value-added portfolio allows us to offer our customers more choices, including sustainably sourced and traceable food and beverage ingredients, as well as innovative end-use application solutions. We are also reaching new customers by expanding our capabilities in targeted end-use categories like Bakery, Confectionery, Beverages, Snacks and Culinary. We remain excited and optimistic about the future growth prospects for OFI as we progress towards the proposed carve-out and concurrent demerger and listing by H1 2022,” added Shekhar.
Re-imagining Global Agriculture and Food Systems to create value across Capitals
The purpose of ‘Re-imagining Global Agriculture and Food Systems’ continues to be a key contributor to strategy and guide has to be done to meet the food, feed and fibre needs of a growing global population while creating long-term value for all. Key highlights include:
• 773,000 smallholders receiving sustainability support with over 60 customer and NGO partnerships for livelihoods alone; a further 2.6 million farmers in India are benefiting from AgriCentral, our farmer services platform in India
• 33 per cent reduction in GHG intensity for the company's processing emissions
• Achieving significant milestone for Cocoa Compass with 100 per cent traceability of directly sourced cocoa across global supply chain tracking 12 per cent of world’s cocoa beans back to an individual farm or community
• Committing over US$7 million of in-kind and financial support, benefiting over 11.5 million people across 33 countries amid Covid-19
• Piloting an Integrated Impact Statement (IIS) case study in Vietnam to understand Human Capital Accounting (HCA)
• Leading LIBOR transition with a landmark loan and Singapore’s first Overnight Rate Average (SORA)-pegged club loan of S$200 million, setting the pace for the industry’s future syndicated SORA loans
• Pioneering sustainable financing with the first sustainability linked fixed rate note issuance in Asia (ex-Japan)
• Responding to the Task Force on Climate-related Financial Disclosures (TCFD), initiating a Climate Change Scenario Analysis to better understand, assess and act on climate- related risks
• Achieving inclusion in FTSE4Good Index Series, reflecting our strong Environmental, Social and Governance (ESG) credentials, which will further catalyse responsible investments
• Sustainability insights platform AtSource winning 2020 Reuters Events Responsible Supply Chain Award
• Being awarded Kincentric Best Employer – Regional Asia Pacific, China, Vietnam, Great Place To Work – Brazil, Great Place To Work and Great Place to Learn – Singapore and HR Asia Magazine’s Best Companies to Work for – Vietnam
The company will hold its 26th Annual General Meeting on April 23, 2021.
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