Olam International, a Singapore-based processor of agricultural products and food ingredients, has reported that its revenues increased by 45.2% to S$4.69bn ($3.82bn) for the first quarter of 2013, compared to S$3.2bn ($2.6bn) for the same period in the previous year.
The company reported profit after tax and minority interest (PATMI) of S$43.2m ($35.1m), an increase by 26.2%, compared to S$34.2m ($30.3m) for the corresponding period in 2012.
Sales volume increased by 97.7% to 3.68 million metric tons, compared to 1.86 million metric tons in the corresponding quarter in the previous year.
Olam chief executive officer Sunny Verghese said that the food raw materials, being relatively more recession-resistant, have shown continued growth and are expected to continue to underpin the company's growth.
"Our long term strategy of building a well-balanced and diversified portfolio with a larger emphasis on food raw materials has served us well," Verghese added.
