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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Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
