Wilmar's FY2024 Net Profit Declines by 23%
Summary:
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Financial Performance: Wilmar International Limited reported a net profit of US$1.17 billion for the fiscal year 2024, a 23% decrease from US$1.52 billion in FY2023.
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Revenue Stability: Annual revenue remained stable at US$67.38 billion, with a slight 0.3% increase from US$67.16 billion in the previous year.
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Segment Performance:
- Food Products: Pre-tax profit rose by 70% to US$502.1 million, driven by an 8% increase in sales volume.
- Feed and Industrial Products: Pre-tax profit decreased by 10% to US$829.5 million, despite a 12% rise in sales volume.
- Plantation and Sugar Milling: Pre-tax profit fell by 46% to US$269.1 million.
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Cash Flow and Debt: Operating cash flow before working capital changes increased to US$3.80 billion from US$2.95 billion in FY2023. Net debt to equity ratio rose to 0.94x, up from 0.88x the previous year, due to higher working capital requirements.
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Dividend: The company declared a total dividend of 16.0 Singapore cents per share for FY2024, a 6% decrease from 17.0 cents in FY2023.
Note: All data is sourced from Wilmar International Limited's FY2024 Financial Results Briefing Presentation.