- 3Q is usually the strongest quarter for Wilmar but weaker sugar contributions and muted margins across most segments could result in flat to marginal q-o-q and y-o-y growth for 3Q24.
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3Q24 preview: Flattish or marginal growth expected.
- Wilmar International is scheduled to release its 3Q24 executive financial summary on 30 Oct 24 after trading hours (See Earnings Calendar). We expect a core net profit of US$315m-325m (vs 3Q23: US$323m; 2Q24: US$278m). Though volumes are expected to improve, historically high 3Q earnings may not be achieved due to the following factors:
Food products.
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Feed and industrial products.
- Palm downstream processing margins remain muted from higher feedstock prices and weak demand for refined palm oil products. Soybean crushing margins saw an uptick q-o-q on higher demand for soybean meal, but are still lower y-o-y.
- Sugar processing remains a bright spot, albeit its relatively small contributions, as sugar prices rose on the lower yield in Brazil from droughts and fires.
Plantation and sugar mill.
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