Global food and agri-business Olam International Limited on Monday launched its 2018 Annual Report, which outlines how the Company has among others:
– navigated the economic challenges over the year to increase volumes and revenues, progressed in embedding the 6 imperatives of refreshed business model Olam 2.01, created value across all Capitals2 for Olam and its stakeholders and embarked on the 2019-2024 Strategic Plan3 which will ‘Re-imagine Olam’.
According to Sunny Verghese, Co-Founder and Group CEO of Olam, “2018 was another turbulent year for the global economy and the food and agri-industry.
“Against this backdrop, we continued to focus on ensuring that Olam is future-fit, pioneering a number of major financial, sustainability and digital initiatives to create long-term value for our continuing shareholders and other stakeholders, particularly customers and suppliers.”
Initiatives include:
– driving operational excellence across the Company, improving working capital productivity and cost efficiencies
– giving customers granular insight into the social and environmental impact of their ingredients and materials, with the launch of At Source, unique in the B2B marketplace4
– strengthening future supply chain volumes by embracing 445,900 smallholders in sustainability programmes (23% growth from 2017)5
– diversifying funding with Asia’s first sustainability club-linked loan facility of US$500 million6,
– developing non-financial reporting methodology to better understand the invisible impacts of the business on the Human, Social and Natural Capitals it depends upon.7
- Shekhar, Executive Director and Group Chief Operating Officer of Olam, said: “We finished the year with a stronger balance sheet and cash flow position, while growing both volumes and revenues.
Through the 2019-2024 Strategic Plan we will ‘Re-imagine Olam’, capitalising on emerging consumer and technology trends shaping the sector so that we are in the best possible position to serve our current and new customers and achieve sustained profitable growth.
