Wilmar International net profit down 39% in 2H2024

For the full year, net profit dropped to $1.56b.

Wilmar International Limited reported a 39% decline in net profit to $787.7m (US$590.2m) for the second half of 2024, down from $1.3b (US$973.9m) in the previous year.

For the full year, net profit dropped to $1.56b (US$1.17b) from $2.03b (US$1.52b).

Despite the decline in profits, Wilmar recorded strong sales growth across most of its business divisions. Revenue for 2H2024 rose 5% to SGD 48.64b (US$36.44b), up from $46.2b (US$34.62b) in 2H2023. It was driven by increased sales volume in its food products and feed & industrial products segments.

However, weaker sugar prices partially offset these gains. Revenue for the full year saw a slight increase to $89.97b (US$67.38b) from $89.72b (US$67.16b) in FY2023.

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