Wilmar reported 2022 core net profit of US$2,244m (+22% y-o-y), which is its second consecutive year of record-high profit. This is within our expectations, with its strong feed and industrial segments backed by strong sales volume, despite weak sales volume for its food product segment, especially in China due to the widespread outbreak of COVID-19.
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As expected, Wilmar recorded its record high profit for 2022.
Wilmar International (SGX:F34) reported 4Q22 core net profit of US$467.6m (-41% q-o-q , -12% y-o-y), bringing full-year core net profit to US$2,244m for 2022 (+22% y-o-y). This is well within our expectations.
Strong JV contribution, mainly from its investments in China, Europe and India.
Disappointment from the food products segment. Sales volume for both consumer products and medium pack and bulk sub-segments came in weaker q-o-q and y-o-y in 4Q22. Sales in China came in lower than expected mainly due to the widespread outbreak of COVID-19 after China opened up.
Record high dividend; proposed final tax-exempt dividend of S$0.11/share.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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