Oilseeds, Grains Lead Wilmar Back to Profit
Wilmar International Ltd. posted net profit for the third quarter ending September 30 of $392.2 million - up from net profit of $267.6 million for the same quarter a year earlier.
Likewise, the group posted revenue of $11 billion – indicating a 4.1 percent increase over third quarter profits of $10.6 billion last year.
Oilseeds, grains and tropical oils were earmarked by the company as being drivers of these results. In the third quarter Wilmar’s Oilseed and Grains unit posted pre-tax profit of $248 million – an increase of 18.5 percent over pre-tax profit of $243.6 million for the same quarter the year prior.
Since the month of May, Wilmar has formed two joint ventures within the grains and oilseed space – the first being an agreement with Ruchi Soya Industries Ltd. under which the two companies combined their procurement, marketing, distribution, and sales businesses in India. Then in July Wilmar acquired a 45 percent stake in Bunge’s crushing business in Vietnam, forming a three-party joint venture between Bunge, Wilmar, and Vietnamese soybean meal distributor, Quang Dung.