Wilmar International’s net profit dwindles to US$1.5b in FY23

The FY23 net profit was 36.5% lower than the FY22 record.

Wilmar International’s net profit fell 36.5% YoY to US$1.52b ($2.04b) in FY23, its latest financial statement showed.

The company’s core net profit also decreased, falling by 35.3% YoY to US$1.57b ($2.11b).

In a bourse filing, the agribusiness company attributed the decline in the net profit to the weaker performance of its business segments in 1H23.

In FY23, its “food products” segment posted a 60% YoY lower profit of US$294.9m ($396.2m). The “plantation and sugar milling” segment also recorded a 12% YoY drop in its profit to reach US$500.1m ($671.9m).

Despite a lower net profit, the board proposed a final tax-exempt, one-tier, dividend of $0.11 per share, including the interim dividend of $0.06 per share paid in August 2023.

The total dividend paid and proposed for FY23 is $0.17.

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