- Wilmar's 3Q24 core net profit was US$208mil (-35.7% y-o-y, -24.9% q-o-q), below expectations. The sugar division and China operations did not improve as expected, despite recovery in tropical oils and soy crushing divisions.
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- We think Wilmar's 4Q24 earnings will improve q-o-q but may not reach our previous earnings forecast due to the absence of major catalysts such as rising consumption in China, or significant improvement in tropical oil refining margin.
3Q24 earnings highlight weakness among China consumers
- The sugar division and China operations did not improve as expected while tropical oil and soy crushing divisions recovered. The food product segment's sales volume was 8.7mil MT (+4.5% y-o-y, +16.6% q-o-q), while that of the feed and industrial product division reached 18.2mil MT (+9.8% y-o-y, +16.9% q-o-q).
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Earnings revision reflects delay in recovery to 2025.
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