Wilmar International’s net profit rises to US$2.4b in FY22

The group attributed the increase to higher profit from all its key segments. 

 Wilmar International Limited’s net profit rose to US$2.40b in FY22 from US$1.89b in FY21, its latest financial statement showed.

The agribusiness group’s core net profit would have increased to US$2.42b if non-operating items and changes in the fair value of biological assets were excluded.

In a bourse filing, Wilmar attributed its net profit increase to higher profits from all its key segments, led by the Feed and Industrial Products.

In H22022, the Feed and Industrial Products segment performed strongly, with profits soaring by 35% to US$1.05 billion (vs US$782.2m in 2H2021). 

“The robust segment performance was led by a sustained good performance from the tropical oils business and better margins from sugar merchandising activities, though these were partially impacted by weaker crush margins from the oilseeds business,” Wilmar said.