Wilmar International’s net profit up 5.2% in H1 2024

The increase was due to better performances in the Feed & Industrial Products and Food Products segments.

Wilmar International posted a net profit of $763.7m (US$579.6m), up 5.2% year-on-year (YoY) to $725.9 (US$550.9m) in H1 2024 amidst better performances in the Feed & Industrial Products and Food Products segments, partially offset by lower contributions from Joint Ventures & Associates and sugar milling operations.

Profit from the Feed & Industrial Products segment rose 34% YoY to $703.6m (US$534.0m), whilst the Food Products segment saw a 77% YoY increase to $192.7m (US$146.3m).

Meanwhile, the Plantation & Sugar Milling segment recorded a 14% YoY decline to $71m (US$53.9m) in profit.

In addition, shares from Joint Ventures & Associates declined 58% YoY to $109.6m (US$83.2m) due to lower contributions from the Group’s investments in Europe, China, and Africa.

Overall revenue declined 4.9% YoY to $40.7b (US$30.9b) from $42.8b (US$32.54b) a year ago as revenue across all core segments dropped due to rising commodity prices.

Earnings per share stood at $0.012 (US$0.093).

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