Wilmar International has reported record earnings of US$1.14 billion for 2HFY2021 ended Dec 2021, up 23.4% y-o-. Revenue in the same period was up 30.1% y-o-y to US$36.3 billion.
For the whole of FY2021, earnings similarly hit a record of US$1.89 billion, up 23.2% from FY2020. Revenue, meanwhile, was up 30.2% to US$60.8 billion.
The company attributes the record earnings to higher margins of its various business segments, even though higher raw material prices offset the gains somewhat.
Wilmar plans to pay a final dividend of 10.5 cents per share, which will bring its FY2021 total to a 15.5 cents per share. For FY2020, the company paid a total of 19.5 cents per share.
Kuok Khoon Hong, the company’s chairman and CEO expects Wilmar’s sales volume for its food products segment to grow as the company expands its plants and into central kitchen businesses in China.
He cautions that soybean crushing will be “challenging” given high soybean prices and poor hog farming margins in China.
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On the other hand, palm processing, palm plantation and sugar milling segments should “perform well”.
For FY2022, Wilmar expects the results to be “satisfactory”.
Wilmar shares closed Feb 22 at $4.62, down 1.28% for the day but up 10.79% year to date.
