Wilmar International (F34) H2 2024 earnings summary

Executive summary

• FY2024 revenue was US$67.38 billion, up 0.3% year-over-year, with EBITDA down 2% to US$3.89 billion and net profit down 23.3% to US$1.17 billion, mainly due to the absence of a US$231 million gain from Cosumar disposal and a net loss from a China share swap.

• Food Products segment profit surged 70% to US$502.1 million, while Feed & Industrial Products and Plantation & Sugar Milling segments posted declines.

• Sales volumes grew 10% year-over-year to 104.8 million MT, with notable increases in oilseeds, grains, and sugar.

• Net profit for FY2024 was US$1.17 billion, down from US$1.52 billion in FY2023.

Financial highlights

• 2H2024 net profit fell 39% compared to 2H2023; core net profit dropped 44%.

• Dividends per share for FY2024 were 16.0 Singapore cents, down 6% year-over-year.

• Operating cash flow before working capital changes rose to US$3.8 billion, but net cash flow was negative US$1.34 billion due to higher working capital needs and capital expenditure.

• Net debt to equity ratio increased to 0.94x as of December 31, 2024.

• Basic EPS for FY2024 was 18.7 US cents, down 23.4% year-over-year.

Outlook and guidance

• Expectation to grow market share in Food Products, with palm oil refining remaining challenging.

• Cautious optimism for oilseeds business in 2025, supported by record soybean crop in Brazil.

• Confident of satisfactory FY2025 results barring unforeseen circumstances.