Wilmar International hits record net profit with 24% YoY increase in FY2021
This translates to a net profit of $2.54b.
A record was set by Wilmar International Limited in its financial statements when it hit a $2.54b (US$1.48B) net profit—a 24% year-on-year increase—for the financial year (FY) 2021.
The same period also showed improvements to the group’s earnings before interest, taxes, depreciation, and amortization, with a 15.6% increase to $5.61b (US$4.17b).
The group attributed this to a strong performance in the third and fourth quarters of the year.
For the second half (H2) of 2021, net profit increased by 23% to $1.53b (US$ 1.14b), whilst core net profit jumped to $1.49b (US$ 1.11b). These metrics, in particular, marked the highest full year and second half net profits achieved by the group since its initial listing.
H2 2021 also saw a record total dividend of $0.155 per share for FY2021.
Strong performance in both the feed and industrial products and plantation and sugar milling sectors both contributed to the performance, which also persisted into the second half of the year. However, high raw material costs impacted the food products.
As of 31 December 2021, total assets were at $78.97b (US$ 58.72b), whilst shareholders' funds were seen at $26.79b (US$19.92b).
“Looking ahead, we expect sales volume for our Food Products segment to grow as we expand our plants and into central kitchen businesses in China. Soybean crushing will be challenging with high soybean prices and poor hog farming margins in China. Palm Processing, Palm Plantation and Sugar Milling segment should perform well. Barring unforeseen circumstances, we expect results for FY2022 to be satisfactory, commented Kuok Khoon Hong, Chairman, CEO, Wilmar.