Wilmar International reported Tuesday its 2021 net profit rose 23.2 percent on-year to a record US$1.89 billion on a strong performance in the feed and industrial products and the plantation and sugar milling segments.
Core net profit, which excludes gains from non-operating items and changes in fair value of biological assets, increased 24 percent on-year to US$1.84 billion, Wilmar said.
Revenue for the 12 months ended 31 December increased 30.2 percent on-year to US$65.79 billion, mainly on higher commodity prices, the agri-business said in a filing to SGX.
“The favourable performance in Feed and Industrial Products was on the back of good refining margins and sustained sales volume from midstream tropical oil operations, as well as steady contributions from sugar merchandising activities,” Wilmar said, but it noted thinner margins and weaker sales volume from soybean crushing impacted results.
“Higher palm oil and sugar prices further drove the growth for Plantation & Sugar Milling in the second half of 2021,” Wilmar added.
Wilmar proposed a final dividend of S$0.105 a share, which including the interim dividend of S$0.05 a share, brings the 2021 total to S$0.155, the highest since listing. In 2020, Wilmar paid a final dividend of S$0.09, for a total 2020 dividend of S$0.13, not including a special dividend of S$0.065.