Wilmar International has reported earnings of US$590.2 million for its 2HFY2024, down 39.4% y-o-y. This brings its full-year earnings to US$1.17 billion, down 23.3% y-o-y versus the preceding FY2023.

The bottomline in 2HFY2023 was distorted by a one-off gain of US$231 million from selling its associate company in Morocco. 

With stronger sales across most of its business divisions, Wilmar's revenue for the half year ended Dec 31 2024 was US$36.4 billion, up 5.3% y-o-y, bringing total FY2024 topline to US$67.4 billion, a slight increase of 0.3% y-o-y.

Wilmar plans to pay a final dividend of 10 cents per share, bringing the total payout for FY2024 to 16 cents, down one cent versus FY2023.

“Despite the challenging operating conditions during the year, most of our businesses reported higher profits in FY2024, but this was offset by a weaker sugar merchandising business within our feed and industrial products segment which had an exceptional year in FY2023," says Wilmar's chairman and CEO Kuok Khoon Hong.

"We expect to continue increasing our market share for food products segment in the coming year, as we build on our reputation as a producer of quality and healthy food.

"Palm oil refining is expected to remain challenging while we are cautiously optimistic that oilseeds business will perform satisfactorily as a record soybean crop production is expected in
Brazil in 2025," he adds.

"Barring unforeseen circumstances, we are confident that FY2025 results will be satisfactory," says Kuok.

Wilmar International shares closed at $3.21 on Feb 20, up 0.94% for the day.