Wilmar International reported net profit of US$1.41 billion for the year ended 31 Dec 2025, up 20.6 year-on-year, lifted mainly by a rebound in Feed & Industrial Products and higher contributions from joint ventures and associates.
Fully diluted earnings per share rose to 22.6 US cents from 18.7 US cents a year earlier. The board proposed a final tax-exempt dividend of S$0.10 per share, bringing the full-year payout to S$0.14, below the S$0.16 distributed for FY2024. An interim dividend of S$0.04 was paid in August 2025.
Revenue increased 4.5 % YoY to US$70.42 billion. Core net profit, which excludes US$103.8 million of net one-off gains, advanced 9.7 % to US$1.28 billion.
Segment performance was mixed. • Feed & Industrial Products delivered a 4 % rise in pre-tax profit to US$861.0 million, supported by higher oilseed crushing margins and improved sugar merchandising, despite softer volumes and compressed tropical oil margins. • Food Products recorded a 10 % decline in pre-tax earnings to US$449.7 million as gains from a China share-swap recognised in FY2024 did not recur; flour and rice improved but sugar weakened. • Plantation & Sugar Milling posted a 32 % jump in pre-tax profit to US$356.5 million, helped by firmer first-half palm and sugar prices, although lower palm yields and weaker second-half prices weighed on results. • The Others segment swung to a US$19.7 million profit from a US$38.1 million loss, driven by mark-to-market gains on investment securities. • Share of results of joint ventures and associates climbed 54 % to US$339.4 million, mainly from China investments.
Headwinds included lower second-half palm oil prices, unfavourable weather in Indonesia that cut fresh fruit bunch output by 2 %, and provisions linked to Indonesia operations, two legal cases in China and a troubled Pakistan associate. Net debt rose by US$1.32 billion to US$19.96 billion after consolidating AWL Agri Business, though the net gearing ratio improved slightly to 0.91 times.
Wilmar scaled back capital expenditure by 31 % to US$1.08 billion as major expansion projects wind down and redirected US$448.5 million to acquire subsidiaries, joint ventures and associates. Operating activities generated US$2.36 billion in cash.
Chairman and CEO Kuok Khoon Hong said operating conditions in 2025 were complicated by geopolitical tensions, trade tariffs and regulatory shifts, but the group’s integrated supply chain and global network underpinned a “reasonable” performance. He expects 2026 to remain challenging yet anticipates “satisfactory” results, citing cost efficiencies and completed capacity expansions as key supports.