Wilmar (SGX:F34)’s core net profit rose 71.6% y-o-y to US$357.2m in 3Q25, supported by stronger operational performance across key segments and better contributions from its joint ventures and associates.
Core operation improving but Indonesia cooking oil penalties led to 3Q25 net loss of US$347.7m.
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Robust soybean harvests in South America and increased livestock industry demand also helped the Feed & Industrial Products segment deliver stronger crushing margins and higher sales volumes in 3Q25. The tropical oils business also saw healthy sales volume, and palm oil prices continued to remain supportive.
Despite improvement in core operations, Wilmar reported a net loss of US$347.7m in 3Q25, due to penalties related to its Indonesia cooking oil business amounting to approximately US$712m.
Regulatory uncertainties in the near term but remain positive over the long term.
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Maintain BUY.
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Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
