Wilmar posts six-fold rise in Q1 profits

13 May 2008 04:47  [Source: ICIS news]

SINGAPORE (ICIS news)--Agribusiness group Wilmar International has posted an almost six-fold increase in its first-quarter net profits to $343m (€220m) from $49.7m year on year on strong sales volumes and margins across all business sectors, the firm said on Tuesday.

With the inclusion of Kuok Group’s earnings in the quarter ended 31 March 2008, Wilmar’s revenue more than tripled to $7.14bn from $1.98bn, the Singapore-based company added in a statement.

Profits from its palm and laurics business units rose to $126m from $33.9m due to a 76% jump in product prices, higher bulk oil sales volumes in Malaysia and Indonesia, as well as a growing demand for palm oil in China, India and Europe.

Its oilseeds and grains segment rose to $205m from $8.56m, fuelled by an 80% increase in average sale prices and a 37.5% climb in sales volumes, while its plantation and palm oil mills businesses surged to $85.2m from $12.6m on increased fresh fruit bunches production and higher crude palm oil (CPO) prices. 

The group also credited its more than six-fold rise in its consumer products segment profits to $16m from $2.13m year on year to the Kuok Group’s extended distribution networks and strong sales in China and Vietnam.

Ahead, Wilmar was confident that the prospects for agricultural commodities in 2008 would continue to be favourable and believed that it was well-positioned to capture growth opportunities globally.

($1 = €0.64)

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By: Serene Cheong
+65 6780 4359

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