Wilmar Q3 profits jumped 18.2% to US$434.91m

It was backed by higher sales especially in its tropical oils segment.

It was an abundant harvest for Wilmar International as its profits for the third quarter of 2018 grew 18.2% to US$434.91m from US$368.06m in the same period in 2017. Revenue also rose 4.3% to US$11.61b from US$11.13b.

According to its financial statement, its tropical oils segment benefited from improved margins in its downstream businesses whilst strong soybean crushing margins and performance from consumer products businesses lifted the performance of oilseeds and grains. “This was further helped by the higher share of results of affiliates and a slight improvement in sugar performance,” it added.

Revenue was boosted by higher sales volume across all the group’s businesses, partially offset by weaker commodity prices.

Other operating income was in the red at a US$3.4m loss whilst net gain on other operating items for the first nine months of 2018 plummeted 58.41% to US$44.5m mainly due to higher foreign exchange losses arising from the revaluation of the group’s financial assets and liabilities.

In June 2018, Wilmar acquired Shree Renuka Sugars Limited (SRSL), including its Brazilian operations, as part of an Open Offer. However, the management of SRSL has classified these operations as discontinued.

“The loss from the discontinued operations was mainly due to the unrealised foreign exchange losses incurred on their USD denominated borrowings,” Wilmar said. Whilst the operations undergo reorganisation, losses incurred subsequent to Wilmar’s acquisition will have no cashflow impact on the company.

Wilmar has not declared a dividend for the period.

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