Wilmar H2 net profit falls 21.3% on lower contributions from feed and industrial products
For the full year ended December 2023, net profit was down 36.5 per cent to US$1.5 billion, mainly due to weaker performance in the first half of the year.
Revenue for the full year fell 8.5 per cent to US$67.2 billion.
Kuok Khoon Hong, Wilmar’s chairman and chief executive, expects tough operating conditions to continue into FY2024.
“Tropical oils margins are expected to remain depressed, sugar milling margins will be affected by lower sugar prices and operating conditions in China are expected to remain challenging,” he said.
He added: “We are confident that our integrated and diversified business model will continue to help us weather through the coming year. In 2024, we will continue to focus on improving efficiencies of our operations, reducing capital expenditure and extracting benefits from our past expansion, especially those that started operations in the last few years.”
Wilmar’s shares closed up 0.6 per cent or S$0.02 to S$3.26 on Wednesday, before the results announcement.
