Olam International, the global, integrated supply chain manager and processor of agricultural products and food ingredients, today reported a Net Profit After Tax of $29.7 million for the first quarter ended September 30, 2010 (1QFY2011), an increase of 56.0% over the previous corresponding quarter (1QFY2010).

The higher profits reported during this quarter was driven by a 21.1% increase in Sales Volume and a 40.5% rise in Net Contribution (NC). The four business segments, namely Edible Nuts, Spices & Beans, Confectionery & Beverage Ingredients, Food Staples & Packaged Foods and Industrial Raw Materials, contributed to the growth in Sales Volume, Sales Revenue and NC. The fifth segment, Commodity Financial Services, also registered a significant increase in NC.

The Edible Nuts, Spices & Beans segment recorded a 19.7% rise in revenue to $425.3 million.

The Confectionery & Beverage Ingredients segment registered a 10.9% growth in revenue to $733.0 million.

Sales of Food Staples & Packaged Foods grew 49.1% to $720.9 million.

The Commodity Financial Services segment experienced a good quarter in Q1 FY2011 reversing its NC loss from a year ago to a positive S$4.4 million.

The Commodity Financial Services segment experienced a good quarter in Q1 FY2011 reversing its NC loss from a year ago to a positive $4.4 million.

With a significantly enhanced competitive position, the creation of strong business platforms, and the opportunity to realise synergies between existing and newly acquired businesses, Olam says it is positive about its growth prospects and the achievement of the strategic and financial targets set out in its corporate strategic plan announced in August 2009.