$WILMAR INTERNATIONAL LIMITED(F34.SI)$

Wilmar International's net profit doubles to US$450.2 mil, highest for 1Q

1. Wilmar International has reported net profit of US$450.2 ($597.0 million) for the 1QFY2021 ended March, around double the net profit of US$224.1 million in the corresponding period the year before.

2. The quarter's net profit is the group's highest first quarter since its listing.

3. “We achieved good results to start the year in a challenging market environment. We will continue to strengthen our existing operations and build new complementary businesses which will help in our long-term growth,” says the group in an April 29 statement.

4. “The sustained high palm oil price is expected to benefit our Oil Palm Plantation business in the coming months although it will have an impact on our manufacturing margins. Earnings in the Feed & Industrial Products segment will likely be lower due to lower crush margins. However, higher sugar price will benefit our sugar milling business.”

5. “Whilst the pace of economic recovery around the world from the pandemic is uneven, we are cautiously optimistic that we will perform satisfactorily for the rest of the year,” it says.