Wilmar International Reports 39% Jump in Oilseed and Grains Profits
On November 11, Wilmar International Limited, Asia's leading agribusiness and the world's largest palm oil processor reported that third quarter pretax profits for its Oilseeds and Grains Unit jumped 39% to $243.6 million – up from $175.7 million in the same quarter the year before. The improved performance is being attributed to higher volumes, and better margins for its soybean crushing business and its consumer products business.
Third quarter volume of sales for the group’s Oilseed and Grains business increased by 1.6 million tons to 8 million tons. For the first nine months of the year, profit before tax for the oilseed and grains business grew 127.7% to $525.6 million, and oilseed and grain sales volumes for the first nine months of the year totaled 21.3 million tons. Third quarter sales volumes for the group’s Consumer Products segment saw a slight increase to 1.4 million tons after the group reclassified packed palm oil from Consumer Products to Tropical Oils.
The company reported 16.4% decline in overall net core profit for the third quarter.