Wilmar International (F34) Q3 2024 TU earnings summary

Executive summary

• Revenue for 3Q2024 was $17.75 billion, up 0.4% year-over-year; 9M2024 revenue was $48.68 billion, down 3.0% year-over-year.

• Net profit for 3Q2024 was $254.4 million, down 19.0% year-over-year; 9M2024 net profit was $834.0 million, down 3.6% year-over-year.

• Core net profit for 3Q2024 was $208.1 million, down 35.7% year-over-year; 9M2024 core net profit was $814.4 million, down 9.6% year-over-year.

• Results were impacted by weaker contributions from China operations and the Sugar division, despite better-than-expected performance in tropical oils, oleochemicals, shipping, and crushing.

Financial highlights

• EBITDA for 3Q2024 was $913.3 million, down 10.7% year-over-year; 9M2024 EBITDA was $2.70 billion, up 1.0% year-over-year.

• Operating cash flows before working capital changes rose 50.6% year-over-year to $1.33 billion in 3Q2024.

• Cash flows from operating activities for 9M2024 were $3.05 billion, down 32.0% year-over-year.

• Free cash flow for 9M2024 was $1.80 billion.

Outlook and guidance

• Refining margins for tropical oils are expected to improve with forecasted palm production increases.

• Soybean crushing margins are expected to remain positive.

• Management is cautiously optimistic for satisfactory performance for the rest of the year.