SINGAPORE – Olam Group Limited (“Olam Group”) has published its 2022 Annual Report, which highlights its financial and non-financial achievements across three comprehensive components: Strategic Report, Governance Report and Financial Report. The report details key updates and progress for the Group in 2022, including:
- A strong operating performance against a record prior year despite a highly challenging and volatile macroeconomic environment, which is testament that the Group’s strategy is sound and robust
- Re-organisation progress, notably the completion of a US$1.24 billion sale of a substantial minority stake in Olam Agri to SALIC¹
- Plans to list Olam Agri as early as H1 2023, and continued commitment to an IPO for ofi, both subject to prevailing market conditions
- Significant turnaround for the gestating/continuing assets and incubating businesses under the Remaining Olam Group
- Progress and contribution of non-financial capitals – Manufactured, Intellectual, Intangible, Natural, Human and Social – to the Group’s ongoing performance.
Sunny Verghese, Co-Founder and Group CEO of Olam Group, said: “Our strong performance in 2022 was achieved through the collective and extraordinary efforts of our employees, our forged partnerships, the communities we serve, and the rest of our stakeholders.
Our transformational Re-organisation Plan is enabling each of our operating groups to tap into the growing demand of their respective sectors, while championing sustainability and integrating digital technologies to transform how we serve customers and engage with farming communities.”
Mr Verghese, who is also CEO of Olam Agri, added: “Olam Agri had another stellar year and we continue to be well-placed to meet the rising demand for food, feed and fibre. Our focus towards a sustainable future where food and agriculture makes a positive contribution is delivering impacts on climate, nature and livelihoods, while supporting growth and opportunities across our business.”
A. Shekhar, CEO of ofi, said: “We made good operational and strategic progress across many parts of ofi in 2022 while facing the challenges of a volatile macroeconomic and political environment. We further continued our journey to pivot towards a more solutions-led and customer-centric organisation, leveraging the benefits of our diversified yet complementary product portfolio. Our global Ingredients & Solutions business with our range of on-trend and natural ingredients sits at the forefront of enduring consumer trends in the food and beverage industry. Our ability to deliver products that are both sustainable and traceable continues to differentiate our broad portfolio and underpins our strong customer relationships.”
The Group continues to prepare for the proposed dual-listing of Olam Agri as early as H1 2023 in Singapore and Saudi Arabia. This is expected to be the first listing of a non-Gulf Cooperation Council incorporated business in Saudi Arabia. The Group remains committed and prepared for the proposed listing of ofi in London and Singapore, which is expected to take place after the Olam Agri IPO. Both IPOs are subject to prevailing market conditions.
The Group will hold its Annual General Meeting (“AGM”) on Tuesday, April 25, 2023 at 2.00 p.m. Singapore time. The AGM will be held online and in-person at Begonia Junior Ballroom, Level 3, Marina Bay Sands Convention Centre, 10 Bayfront Avenue, Singapore 018956. “Live” voting will be available during the AGM, allowing both shareholders and proxyholders to cast their votes in real time at the physical meeting or virtual meeting for each resolution to be tabled.
A downloadable version of the Annual Report, as well as the Global Reporting Initiative (GRI) disclosures and SASB Index are available at:
Annual Report 2022
Annual General Meeting 2023
¹ Saudi Agricultural and Livestock Investment Company
