- Wilmar (SGX:F34)’s 1H25 revenue rose 6.3% y-o-y to US$32.9b. Its net profit for the period came in at US$594.9m, marking a modest increase of 2.6% y-o-y over the prior year.
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1H25 results missed on higher tax
- The share of profits in associates and joint ventures more than doubled y-o-y to US$196.5m in 1H25, with higher contributions especially from the Group’s investments in Asia. Core net profit fell 3.7% y-o-y to US$583.7m, below our expectations.
- Wilmar declared interim dividends of 4 Singapore cents per share, down 33.3% y-o-y. Management is conservative on the cashflow in light of the ongoing regulatory and legal challenges in Indonesia.
Wilmar’s business divisions showed mixed results
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- In the Feed & Industrial Products arm, revenue grew 7% y-o-y to US$20.3b while PBT fell 29% y-o-y to US$381.6m.
- While the oilseeds and grains business saw better performance on stronger crush margins and higher demand, the tropical oils (due to weaker refining margins) and sugar merchandising (on lower sales volume) businesses dragged on overall performance.
- Plantations & Sugar Milling benefited from higher palm oil prices and higher sales volume for sugar milling (+15% y-o-y). As a result, revenue and PBT rose 16% and >100% y-o-y respectively.
China could be the bright spot
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