Wilmar International (F34) H2 2024 earnings summary

Executive summary

• FY2024 revenue was $67.38 billion, flat year-over-year, with EBITDA down 2% to $3.89 billion and net profit down 23% to $1.17 billion.

• Food Products segment saw a 70% increase in profit before tax, while Feed and Industrial Products and Plantation and 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.

• Higher contributions from India and Southeast Asia joint ventures and associates in 2H2024.

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 $3.8 billion, but net cash flow was negative $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.

• Net debt rose by US$986 million to US$18.64 billion as of December 31, 2024.

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.