PALMOILMAGAZINE, SINGAPORE – Wilmar International Limited, a leading agribusiness group in Asia, reported a 5% increase in net profits from its core business, reaching US$606.3 million for the first half of the year ending June 30, 2024.
The company’s profits amounted to US$577.2 million, while net profits experienced a loss of US$579.6 million from non-operational items, up from US$550.9 million in the same period of 2023. This improvement was attributed to better performance in wood products and food industries, even though these sectors contributed less than joint ventures and sugar mill operations.
Overall, the group’s income declined by 5%, totaling US$30.93 billion, compared to US$32.54 billion during the same period last year. The decrease in income was primarily due to lower commodity prices, although some losses were offset by increased sales during the period.
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Food product segment that covered consumers’ products, medium packages, and groceries, significantly got increasing profit before tax that reached 77% to be US$ 146,3 million in the first semester of 2024, from US$ 82,7 million in the same period last year. It happened for the increasing selling volume and the cheaper commodities that made cheaper materials. In the whole the selling volume for food products increased 7% to be 15,6 million metric tons, with the increasing one in every sub-segment.
Woof product and industries that covered tropical oils, seeds, and sugar reported the increasing profits before tax that reached 34% to be US$ 534,0 million, from US$ 399,0 million in the first semester of 2023. This happened for the increasing selling volume and better margin in the second quarter of 2024. The whole selling volume for woof product and industries got increased 8% to be 30,2 million metric tons. (P2)
