Wilmar International has reported earnings of US$568.7 million for its 3QFY2021 ended Sept 30, up 6% y-o-y. Revenue in the same period was up 28.7% y-o-y to US$17.1 billion.
For the nine months ended Sept 30, the agri-giant’s earnings reached US$1.3 billion, up 15.1% y-o-y.
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The company attributes its “strong performance” to better margins and stronger demand for its downstream tropical oil products.
The company expects its feed and industrial products segment to continue its good performance for the rest of the year, thanks to resilient manufacturing margins for downstream tropical oils products.
Wilmar also expects its soybean crushing margin to be positive for the rest of the year. Its plantation and sugar milling business is also expected to benefit from firm palm oil and sugar prices. “We expect Food Products segment to perform satisfactorily for the rest of the year,” the company notes.
“Barring unforeseen circumstances, we expect results for the rest of the year to be satisfactory,” Wilmar adds.
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Wilmar closed Oct 28 at $4.32, down 0.92% for the day and down 10% year to date.