- Wilmar’s 4Q24 core NPAT was up 4% y-o-y, helped by a 3% growth in revenue and higher contributions from its associates and JVs.
1Q25 in line with consensus
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- While tariffs create volatility and uncertainties, Wilmar expects its own business to remain satisfactory due to product diversification and vertical integration.
1Q25 trends: improving except for sugar volatility
- Wilmar’s food product volumes increased 3% y-o-y, reflecting decent demand from China. We think improving macro conditions in China remain a supporting factor helping consumers to buy higher end products, which should allow revenue to grow at a faster clip vs volume growth.
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- Management noted that sugar volumes were skewed in 4Q (5.2m MT vs 1.9m MT in 1Q25 and 3.3m MT in 1Q24) and as such an average of 4Q24-1Q25 is still ahead of 1Q24 volumes.
- Operating conditions for the tropical oils business remained challenging in 1Q25 while crushing margins improved during the quarter.
Limited impact from tariffs and macro softness
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