Wilmar International - UOB Kay Hian 2024-08-14: 1H24 Results In Line With Expectations

• Wilmar’s 1H24 core net profit was within expectations, with better performance from food products and feed & industrial products. YKA reported a 14% y-o-y growth in earnings, while stronger sales volumes were recorded across all sub-segments but sugar milling operations.
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Results within our expectations.

• Wilmar (SGX:F34)’s 1H24 core net profit came in at US$606m (-39% h-o-h, +5% y-o-y), accounting for 38% of our full-year forecasts and in line with our expectations.
• 2Q24 core net profit came in at US$278m, improving 42% y-o-y but slipping 15% q-o-q.

1H24 saw improving performance from major business segments.

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• Higher sales volumes and margin recovery across food products and feed & industrial segments are encouraging, but partially offset by sugar mill operations:

Food products:

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Heidi Mo UOB Kay Hian Research | Llelleythan Tan Yi Rong UOB Kay Hian | https://research.uobkayhian.com/ 2024-08-14 SGinvestors.io

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