Wilmar International 4Q Net Profit US$500 Million Vs US$318.6 Million
First Published Tuesday, 21st February 2012 11:49 pm - © 2012 Dow Jones
SINGAPORE -(Dow Jones)- Wilmar International Ltd. (F34.SG) on Wednesday reported a 56.9% rise in fourth-quarter net profit largely due to improved performances of its oilseeds and grains business, and contributions from its new sugar segment.
Net profit for the quarter ended Dec. 31 was US$500 million, up from US$318.6 million in the same quarter a year ago, the commodities trader said in a statement to the Singapore Exchange.
Revenue for the period rose 26.7% to US$11.5 billion from US$9.09 billion.
"With Wilmar's healthy balance sheet, improved range of downstream product offerings, strong infrastructure in Asian countries and further expansion in Africa, we are well positioned to capture emerging markets growth as well as other agri-related expansion opportunities which might arise," Kuok Khoon Hong, chairman and chief executive of Wilmar, said in the statement.
The group is also "exploring closer collaborations with various parties in many of our businesses to meet the growing demand for agricultural products," Kuok said.
Net profit in 2011 rose 20.9% to US$1.6 billion.