Olam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth”

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Global food and agri-business Olam International Limited today launched its 2019 Annual Report, which outlines how the Company has:

  • Delivered strong financial performance, on-track for Year One of its refreshed six-year Strategic Plan
  • Re-organised into two new distinct operating groups that will further unlock value
  • Continued to live out its Purpose of Re-imagining Global Agriculture and Food Systems

Sunny Verghese, Olam’s Co-Founder and Group CEO, said: “We ended Year One of our Strategic Plan on a strong note having executed well, meeting or exceeding most goals and targets for 2019. Coupled with the re-organisation of Olam, this has put us in the best possible position to navigate the challenges of the COVID-19 pandemic in which our priority is ensuring the safety and wellbeing of our staff while working with stakeholders to ensure supplies continue with as little interruption as possible. With Olam’s role at the centre of delivering food, feed and fibre to the world, living our Purpose of ‘Re-imagining Global Agriculture and Food Systems’ has never been more critical.”

A.Shekhar, Chief Executive Officer of Olam Food Ingredients (OFI), said: “The re-organisation of Olam, building on our Strategic Plan, enables us to unlock intrinsic value in our portfolio. At OFI, we continue to work closely with customers to provide the tailored solutions they need, both today in these extraordinary times and in the future. Our unique value offerings – traceable, sustainable supply chains via AtSource, reliable logistics and innovative applications and ingredient solutions – are even more fundamental in helping our customers grow their businesses in the post-COVID-19 era.”

Key achievements in 2019 included:

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Strong financial performance:

  • EBITDA up 25.6% to S$1.55 billion
  • PATMI up 62.2% to S$564.1 million
  • Operational PATMI up 43.7% to S$498.2 million
  • Positive Free Cash Flow to Equity of S$134.6 million
  • Gearing at 1.38 times, well under the 2.0 times target

Continuing to execute on the four growth pathways and four enablers in first year of 2019-2024 Strategic Plan, including:

  • Investing S$1.1 billion to strengthen businesses with high growth potential
  • Divesting deprioritised assets and businesses, releasing cash of S$488.1 million
  • Delivering US$70 million in operational efficiencies
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Building on the Strategic Plan to unlock further intrinsic value; announced Re-organisation of Olam in January 2020 into two operating groups: Olam Food Ingredients (OFI) and Olam Global Agri (OGA), under one holding company Olam International (OIL)

Continuing to Re-imagine Global Agriculture and Food Systems, including:

  • Securing the world’s first digital loan of US$350 million, supporting ongoing efforts towards digital transformation
  • Securing a second sustainability KPI-linked loan for US$525 million
  • More than 740,000 smallholders receiving sustainability support with over 50 customer and NGO partnerships for livelihoods alone
  • Creating a new ‘Finance for Sustainability’ team, which will bring the rigour of finance and accounts to challenge, support and help embed sustainability initiatives – a first case study for the Olam Integrated Impact Statement is presented in the Annual Report.
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Deferment of Annual General Meeting 

Olam has deferred the Annual General Meeting (AGM) originally scheduled in April 2020 in light of the evolving COVID-19 situation across the world, the heightened safe distancing measures implemented by the Government of Singapore, and the safe distancing regulations.

Shareholders will be updated on the new date for the AGM after the alternative arrangements in relation to the conduct of general meetings are prescribed, the procedures for participation by Shareholders at the 2020 AGM have been revised accordingly, and the essential preparations required by the relevant government or regulatory authorities, have been put in place. When the new date of the 2020 AGM is determined, the Company will issue a notice of the AGM setting out the date and other requisite details together with a proxy form, and an announcement will be made on SGXNet.

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Olam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth” - Brand SpurOlam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth” - Brand Spur

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Olam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth” - Brand SpurOlam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth” - Brand Spur

Latest News

New entrant AECO Energy launches business innovation to deliver ‘last mile of value chain’ to Singapore’s maturing open electricity market

  • AECO Energy announces the launch of its operations in Singapore to provide innovation to the open electricity market for businesses with generation 2.0 of its technology and service offerings.
  • The company will introduce three solutions as part of its initial portfolio, customisable to specific business needs.

SINGAPORE - Media OutReach - 13 April 2021 - AECO Energy, a new entrant to Singapore's electricity sector, has today announced the launch of its operations. AECO Energy will be the first-of-its kind energy technology and services company aimed at innovating customer-centric offerings in electricity and renewable energy markets.


With over 12 years of experience in delivering open market electricity services and solutions to businesses in Australia under the Power Choice brand, AECO Energy is bringing its second generation of services and technology to Singapore for the first time. AECO's second generation delivers on two major offerings.

Firstly, AECO delivers the 'last mile' of value in Singapore Open Electricity Market (OEM) value chain by providing innovative services to assist businesses to manage, plan and make better buying decisions.

AECO is all about enabling increased profits for businesses. AECO has a customer-centric mission to use its low-cost proven technology and expert-led services to enable better business decisions within a complex electricity market with multiple providers and opaque medium- to long-term pricing information. This comes against the backdrop of Singapore's maturing OEM, which gives businesses and consumers the autonomy to buy and choose their electricity providers - the freedom to choose.

AECO Energy's technology platform, MarketPro™ with its unique, electricity futures market simulator Rate Watch™, delivers business and electricity efficiency and empowers businesses through relevant and timely pricing information, while also helping Singapore businesses make better buying decisions via automated tenders and reverse auctions. Moreover, for businesses who do not have the capability and capacity to manage and purchase its own electricity, AECO Energy Portfolio™ delivers scalable buying power with a fully-managed contract management and purchasing aggregation service for small, medium and large businesses.

Alan Jones, CEO, Chairman & Founder, AECO Energy, said: "We are incredibly excited and humbled to be joining Singapore's dynamic energy scene with our low-cost, high-value products and services. Our mission is clear: just like Amazon is revolutionising the 'last mile' of product supply chains with its same day delivery, we are also delivering the 'last mile' of the value chain in Singapore's OEM that enables more businesses better purchasing decisions, more business profitability and growing all of Singapore's economy."

Secondly, with SGX-listed entities, enterprises and multinational corporations (MNCs)' increasing emphasis on sustainability, AECO (through its SustainPro™ offering) will bring for the first-time in Singapore the benefit of AECO's direct relationship with generators of International Renewable Certificates (I-REC). This enables Southeast Asian markets the benefit of medium- to long-term low-cost and structured REC solutions to meet renewable energy targets and sustainability goals. This translates to more profits by providing more predictable costs for businesses in meeting their sustainability and renewable energy goals.

"As a specialised company, unburdened with corporate overheads and distractions from Singapore's local market participants, we can offer companies who are based anywhere in Southeast Asia, sustainability and renewable energy solutions that span markets and countries at a lower and more predictable price. We are honoured to play our part to bring sustainability and increased renewable energy throughout the world and to do so while benefiting our customers' cost structures," continued Mr. Jones.

AECO Energy is introducing three offerings as part of its electricity management solutions:

  • MarketPro™: Businesses can optimise costs and seize market opportunities with exclusive access to customised market price information through AECO Energy's integrated online procurement and management platform equipped with Rate Watch™, a market simulation and automated procurement technology from as low as SGD $149 per month.
  • Portfolio™: Businesses get exclusive access to economies of scale with better buying power through professional and expert-managed energy procurement portfolios overseen by AECO Energy experts. This allows enterprises to focus on their core business while AECO Energy experts will fully-manage their electricity contracts and make better buying decisions on their behalf from as low as an additional SGD $74 per month.
  • SustainPro™: SustainPro focuses on helping businesses meet their sustainability goals at the lowest cost. AECO Energy offers lower costs on the procurement of Renewable Energy Certificates (RECs) and tailored REC supply solutions designed to meet transition needs towards a more sustainable business.

"With the understanding that business needs are unique for every organisation, our energy experts will work closely with customers here in Singapore to help them reduce costs, drive efficiency and make better buying decisions. By providing technology-enabled, insights-driven energy technology solutions, we want to create a profound impact on our customers' businesses to better position them for sustainable growth in the long-term," concluded Alan.

About AECO Energy:

Based in Singapore, the AECO Pacific Group owns and operates the Power Choice and AECO Energy brands. A leading pioneer for more than 12 years in electricity brokerage and consulting services in Asia Pacific focusing on deregulated electricity markets, AECO Pacific helps businesses with electricity procurement and management backed by market intelligence. Transforming and saving businesses more, AECO's combined experience in energy leadership and innovative technology solutions remain unmatched in dynamic and changing energy markets. For more information, visit https://powerchoice.com.au/ and https://aecoenergy.sg/.

Olam Launches 2019 Annual Report: “Sharpening Focus, Accelerating Sustainable Growth” - Brand Spur
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