Turning risk into opportunity: How to keep more of the world's forests intact
Simon Brayn-Smith, Global Head of Sustainability Olam Cocoa reflects on the cocoa sector’s role in deforestation and what industry can do about it.
It’s no secret that the earth’s forests are shrinking at an alarming rate. According to the World Bank, an area larger than South Africa (502,000 square miles) was lost between 1990 and 2016.
Agriculture is one of the largest drivers of this deforestation and the role of cocoa farming in particular has become the focus of much public and private debate. Anyone in the cocoa industry is acutely aware of the challenge at hand: creating sustainable livelihoods for communities who rely on cocoa farming for their survival whilst preserving forest landscapes for future generations.
Undoubtedly, the cocoa industry has been part of the problem, but we can also be a catalyst for change. The Cocoa & Forests Initiative (CFI) is a prime example of the impact collective action can have on combating deforestation in the world’s two lar
We’re not your average Tech team, in fact we’re so much more and there’s nothing average about any of us!
So many organisations have teams of geeks hidden away programming in a dark office, creating processes and platforms… sure, we all have a bit of geek in us and we celebrate that (as well as our cultural, regional diversity and successes), our offices aren’t dark and dingy, they’re vibrant places full of energetic people who have lots of fun and great ideas.
We are part of global teams from different business units, with varied roles and nationalities. We are exposed to a range of personalities, cultures and mindsets. Everyone’s opinion is valued, and you’ll hear lots of talking when we share concepts and build on them. We’re not just about ideas though, we have delivered some great solutions and work on the latest technology platforms.
Our team develops solutions for our operations all over the world, for example we have an android app for farmers which has been rolled out in multiple countries, it enables them to improve their farm productivity. We also have a solution that helps ou
Olam Cocoa strengthens its commitment to end deforestation in global cocoa supply chain
The company today announced further commitments to end deforestation and forest degradation in its entire cocoa supply chain worldwide. This includes the following key actions:
Achieved 100% traceability of its sustainable cocoa supply chain in Ghana and Côte d’Ivoire as part of action plan to end deforestation by cocoa in West Africa
On track to achieve full traceability of its direct origination supply chain worldwide by 2020
Committed to supporting the restoration and preservation of 460,000 hectares of forêts classées in Côte d’Ivoire
Mapped 100% of its supplier network in Ghana and will use this data to identify suppliers perceived to be in areas of highest forest risk by the end of 2019
Distributing almost 1.2 million multi-purpose shade trees in Côte d’Ivoire and Ghana and 2 million improved cocoa seedlings to farmers in Ghana in 2019
Training 104,000 cocoa farmers in Good Agricultural Practices in Côte d’Ivoire and Ghana in 2019
As a signatory to the Co
Olam International reports 2018 PATMI of S$347.8 million Recommends final dividend of 4.0 cents per share
Lower year-on-year performance against a strong base in 2017:
Q4 2018: PATMI down 71.6% to S$75.3 million due to a large exceptional gain of S$155.4 million recorded in Q4 2017; Operational PATMI down 34.4% to S$72.0 million
2018: PATMI down 40.1% to S$347.8 million due to the large exceptional gain of S$149.2 million in 2017; Operational PATMI down 19.7% to S$346.6 million
Strong, positive free cash flow in 2018 higher than prior year:
Free Cash Flow to Firm: S$1.53 billion; Free Cash Flow to Equity: S$1.1 billion
Improved net gearing of 1.32x versus 1.46x in 2017
Board recommends final dividend of 4.0 cents per share, maintains total dividend at 7.5 cents per share for 2018 (2017: 7.5 cents)