Wilmar net profit doubles to a record-breaking US$450.2m

All of the food processing firm's core business segments grew in the first quarter.

Wilmar International had a record breaking net profit of US$450.2m for the first quarter, the highest since it was listed on the Singapore Exchange.

This first quarter figure is also more than double the $224.1m recorded for the same period last year.

Sales in its Food Products segment grew by 13.1% at US$6.98m, and its Feed and Industrial Products segment grew by 1.5% to US$11.76m.

Wilmar expects the sustained high palm oil prices to benefit its oil palm plantation business in the coming months, while earnings from feeds and industrial products is expected to be lower due to lower crush margins.

The company has not experienced significant disruptions in India and Myanmar despite the ongoing pandemic and political disruptions.