Singapore's Wilmar posts 57% surge in Q4 net profit to $500m

22 February 2012 02:42  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s oleochemicals major Wilmar International on Tuesday posted a 56.9% year-on-year rise in its fourth quarter 2011 net profit to $500m (€380m), buoyed by higher contributions from oilseeds, grains and its news sugar business.

The firm’s revenues rose 26.7% year on year to $11.5bn in the October-December period of last year, on the back of increased sales volumes, the company said in a filing to Singapore Exchange.

Wilmar finalised the acquisition of Austalia’s largest sugar producer Sucrogen in December 2010.

For the full year of 2011, Wilmar’s net profit rose by 20.9% year on year to $1.6bn while revenue surged by 47.2% to $44.7bn, the company said.

“We focused on strengthening our businesses through continued investments in sugar, flour and rice milling, oleochemicals, biodiesel, oil refining and consumer products,” said Kuok Khoon Hong, Chairman and CEO of Wilmar.

“We are also exploring closer collaborations with various parties in many of our businesses to meet the growing demand for agricultural products,” he added.

Wilmar is the world's largest listed palm oil firm.

By: Nurluqman Suratman

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