Wilmar's profit jumped 49.8% to $839.92m in H1

Interim tax exempt (one-tier) dividend for H1 is at $0.04 apiece.

Wilmar International saw its profit attributable to shareholders surge 49.8% YoY to $839.92m (US$610.87m) in H1 from $560.8m (US$407.87m) in H1 2019, an SGX filing revealed.

This came on the back of improved contributions across all core segments. Excluding losses from non-operating items, core net profit for the same period improved 48.9% YoY to $874.34m (US$635.9m) from $587.16m (US$427.1m).

Furthermore, revenue similarly rose 12% YoY to $31.15b (US$22.66b) in H1 from $27.81b (US$20.23b). It was driven by improved demand across all core segments. It was also paired with a spike in demand for its consumer products sales, and the consolidation of Goodman Fielders’ results in the current period, contributed to the higher revenue recognised in H1.

Wilmar’s food products segment registered a 21% YoY jump in pre-tax profit to $680.72m (US$495.1m) in H1, driven by strong demand for consumer products during the period. This improvement was partially offset by lower sales in the medium pack and bulk businesses, as demand from the hotels/restaurants/catering (HORECA) industry was weak in Q1 due to lockdowns in the major markets where the group operates.

Feed and industrial products segment’s pre-tax profit skyrocketed 105% YoY $509.9m (US$370.8m) in H1, on the back of a strong recovery in its oilseeds and grains business. It was thanks to an increase in demand as China recovered from the African swine fever outbreak that occurred in the previous year.

On the other hand, the plantation and sugar milling recorded a lower pre-tax loss of $113.98m (US$82.9m) in H1, mainly aided by better performance from the palm oil plantation business. Its growth came on the back of stronger palm oil prices compared to H1 2019. Lastly, the others segment recorded a pre-tax loss of $56.65m (US$41.2m) in H1, mainly from mark-to-market losses from the group's investment portfolio.

Joint ventures and associates doubled their contributions to $115.62m (US$84.1m) in H1, as a result of stronger performance from the group’s investments in China, India and Africa.

The board has proposed an interim tax exempt (one-tier) dividend for H1 of $0.04 per share, payable on 27 August.

As at June 30, 2020, total assets stood at $65.06b (US$47.32b), whilst shareholders’ funds was at $22.66b (US$16.48b). Net debt dipped by $837.08m (US$608.9m) to $17.34b (US$12.61b) on the back of strong operating cash flows and lower working capital requirements. 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Jalan Tembusu, meanwhile, saw a strong performance due to the opportunity present in the area.
Users can now link accounts from Bank of China, DBS, Maybank, OCBC, StanChart, and UOB.
The new deal also extends SIAEC’s existing on-wing care services with Rolls-Royce.
Prime office rents rose 1.5% QoQ in the fourth quarter of 2021.
Completion of the acquisitions is expected to take place from H2 2022 to Q1 2024.
The Jalan Tembusu site hit a new record land rate of $1,302 psf ppr.
'Long COVID' is experienced by people who have symptoms that drag for a month.
This is according to interest rate forecasts from OCBC. 
Seven in 10 Singaporeans are looking to switch jobs in 2022.
DairyFarm had the most growth.
A continued expansion of the VTL program strengthened this performance. 
The resumption of data centre development came with new conditions.
The digital platform will use the fund to strengthen haulage capacities.
This is part of its continued support for the vaccination and booster drive.