[Singapore] Wilmar reported a 13.5 per cent increase in earnings for Q1 2025 to US$343.9 million from US$302.9 million in Q1 2024 in a bourse filing on Tuesday (Apr 29).
Revenue for Q1 2025 grew 3.3 per cent to US$16.2 billion from US$15.7 billion in Q1 2024.
The growth in earnings was driven by better performance in the food products, plantation and sugar milling segments. The food products segment continued to record volume growth during the quarter, with consumer products sales volume growing by 3.3 per cent to 2.5 million tonnes from 2.4 million tonnes in the year-ago quarter. Plantation and sugar milling segments reported higher profits on higher palm oil prices in the quarter.
Associates and joint ventures also recorded higher revenue contributions for the agribusiness company in Q1 2025.
However, these were partially offset by weaker contributions from the feed and industrial product segment.
The outlook remains uncertain with increased volatility from the US tariffs.
“Nevertheless, we expect the results for the rest of the year to remain satisfactory due to our diversified and resilient integrated business model which will help us weather these difficult conditions,” said the company.
Shares of Wilmar closed down 3.8 per cent or S$0.12 to S$3.02 on Tuesday.
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