Wilmar International core net profit up 38.2% to US$796m in Q3

It achieved record core net profit for the first nine months of the year.

Wilmar International reported a core net profit of US$796.7m in Q3 2022, 38.2% higher than the same period in 2021, according to its latest SGX filing. Net profit for the quarter is 34.7% higher at US$766.2m, from only US$568.7m in Q3 2021.

This is higher than earlier estimates that it'll report US$650m in profits.

For the first nine months of 2022, Wilmar International has achieved a record core net profit of US$1.95b, its highest ever. This is 49.2% higher than the same period in 2021,  which recorded US$1.31b. Net profit for the first nine months of the year is also 46.3% higher at US$1.93b, from only US$1.32b previously.

All core segments of its food processing and investment holding company recorded good performance during the quarter, according to Wilmar. The feed and industrial products segment grew its overall sales volume by 8.5% to 14.7 million metric tons (MT), from 13.6 million MT in 2021. 

The group said that it enjoyed a higher share of results from joint ventures and associates and lower effective tax rate during the quarter. 

Looking forward, Wilmar International said that it is confident that it will overcome any upcoming challenges for the rest of the year. 

“Whilst the external conditions are still challenging, we are confident that our integrated and diversified business model and sound risk management policies will enable us to overcome these challenges and achieve satisfactory performance for the rest of the year,” Wilmar stated in the bourse filing.