Wilmar posts 26.2% fall in Q1 net profit to US$391.4m
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Renald Yeo
AGRIBUSINESS group Wilmar International reported a 26.2 per cent drop in net profit to US$391.4 million in the first quarter ended Mar 31, 2023, down from US$530.3 million in the same period a year prior.
Revenue in Q1 fell 3.8 per cent to US$16.9 billion, from US$17.6 billion in the year-ago quarter.
This was partially offset by higher sales volume in its food products, and feed and industrial products business segments, Wilmar said in a bourse filing on Friday (Apr 28).
Share of profits of joint ventures and associates were higher in Q1, especially from India and Europe.
The group reported non-operating gains from its investment securities and a lower effective tax rate as well.
Its results for Q1 were “satisfactory, despite the uncertain macroeconomic outlook at the start of the year”, Wilmar said.
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“With our diversified and integrated business strategies, we are cautiously optimistic that performance for the rest of the year will remain satisfactory.”
Shares of Wilmar International fell S$0.04 or 1 per cent to S$3.93 on Friday, prior to the announcement.
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