Wilmar International FY2020 net profit surges 18.6% to US$1.53b

Its revenue for FY2020 increased 18.5% to US$50.53b.

Agribusiness group Wilmar International recorded an 18.6% increase in its FY2020 net profit to US$1.53b, on the back of a robust performance across all core segments, the company announced.

The group’s revenue also increased 18.5% to US$50.53b in FY2020 due to strong volume growth, firmer commodity prices, and consolidation of food manufacturer Goodman Fielder’s results.

Wilmar International is also set to hand out its highest total cash dividend since listing at 19.5 Singapore cents per share for FY2020 amidst the group’s recorded net profit for the full year.

Chief Executive Officer Kuok Khoon Hong noted the group has produced “a good set of results” for all core businesses during the year, despite the impacts of the pandemic.

“We are continuing to build, especially in China, more integrated plants in new locations and develop new high growth and complementary businesses like central kitchen, soy sauce, vinegar and yeast. This will widen our range of food product offerings and help us reduce manufacturing, distribution and marketing costs,” he said.