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Annual Report 2023
2023 was in many ways a historical year for global markets. The year was defined by significant economic uncertainty, geopolitical tensions, environmental instability and profound technological change. Despite this challenging backdrop we are pleased to deliver resilient operating profit (EBIT) growth and continued strategic progress across our businesses in 2023.
The growth of ofi and Olam Agri, and continued progress of our businesses in the Remaining Olam Group, is testimony to the differentiated, unique propositions and solid execution of each respective business. Each operating group continues to build its capabilities and is well positioned to best meet demand and to capitalise on market opportunities.
Chairman’s Letter
We continue to witness sharper strategic positioning and focus, better solutions for customers and stronger market share in targeted markets over the course of 2023.
Lim Ah Doo
Chairman, Non-Executive and Independent Director
Group CEO's Review
I am proud that as an organisation we have displayed resilience, not just in our operational execution but also the enduring dedication and efforts of our employees to strengthen connections to serve our customers, communities and to reimagine global food and agriculture systems for a more sustainable future.
Sunny Verghese
Executive Director, Co-Founder and Group CEO
Re-organising to Deliver Value on a Sustained Basis
Working to inspire new concepts that make it real, from plant to palate.
Transforming food, feed and fibre to cultivate a sustainable and food-secure future.
Nurturing businesses to grow and create sustained value.
Empowering global organisations to adapt to emerging technologies and build sustainable technology solutions.
We’re a venture incubation studio – we spend our time incubating and growing new ventures.
Environment
We collaborate with partners to help preserve our environment, reduce our emissions, and strengthen climate resilient supply chains.
Social
From the large, mechanised farms to the small, manually-farmed plots millions of farmers provide us with raw materials.
People and Culture
We create and maintain a safe and inclusive workplace that supports diversity and equity, where every individual feels valued and respected.
Response to the TCFD
Olam is committed to ensuring transparency and action around climate-related risks and opportunities.
Risk
The Risk Office monitors, controls, and reports on the key risks across the business.
Sustainability Finance
Multi-capital accounting goes beyond financial accounting, and helps organisations become more resilient while also contributing positively to the world.
The 2023 annual report is for the period 1 January 2023 to 31 December 2023 and can be viewed as three separate chapters or downloaded as one book.
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Frequently Asked Questions
When is the annual report published?
The annual report is typically published before mid-April for the Annual General Meeting to be held before the end of the month.
Is it possible to obtain a hard copy of the annual report?
In place of a hard copy of the full annual report, shareholders receive by mail a hard copy of a summary report, which contains a request form for shareholders to receive a hard copy of the annual report for the current issue and/or for future issues. Shareholders or members of the public may also write in to ir@olamnet.com to request a hard copy to be despatched to their local Singapore address by mail.
Do you publish a separate Sustainability Report?
We have adopted the Integrated Reporting framework for the Annual Report. Details on our approach to Sustainability and our achievements and targets can be found in the same report. You may view our Global Reporting Initiative report which contains more Sustainability information than the Annual Report and SASB Disclosure Index report.
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