Wilmar International Limited Overview
Wilmar International is Asia's largest integrated agribusiness group and one of the world's largest processors and merchandisers of edible oils, oilseeds, grains and sugar. Its model spans the full value chain — oil palm cultivation (234,334 planted hectares at end-2025), sugarcane milling, origination, crushing and refining, oleochemicals and biodiesel, and branded consumer foods — with China (47% of FY2025 revenue) and Southeast Asia (23%) as its core markets. FY2025 revenue was US$70.4 billion with core net profit of US$1.28 billion, implying thin but volume-driven margins typical of the processing industry. Its competitive edge rests on scale, integration and leading consumer franchises, most notably Arawana in China (through 89.99%-owned Yihai Kerry Arawana) and, since November 2025, Fortune in India via majority-owned AWL Agri Business. The group is controlled by the Kuok family with Archer-Daniels-Midland as a strategic shareholder, and currently faces elevated regulatory exposure in Indonesia and China.
Company's own description
In its results releases, Wilmar describes itself as Asia's leading agribusiness group, ranked among the largest listed companies by market capitalisation on SGX, built on an integrated agribusiness model that covers the entire agricultural commodity value chain — from origination through processing, branding, merchandising and distribution of edible food and industrial products (paraphrased from the 1H2026 news release boilerplate as reported by World Grain, Aug 2026). The company states that integration and logistical advantages allow it to capture margins at every step of the chain.
Reporting segments as defined (FY2025 RA, Note 11)
Food Products: processing, branding and distribution of vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery and dairy products, ready-to-eat meals and central kitchen products, sold in consumer packs, medium packs or bulk.
Feed and Industrial Products: processing, merchandising and distribution of animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil and biodiesel.
Plantation and Sugar Milling: oil palm cultivation and milling, sugarcane cultivation and milling, and production of compound fertilisers.
Others: logistics and jetty port services, and investment activities.
Business and revenue model
Wilmar's revenue is almost entirely product sales. There is no material subscription, licensing or recurring-service revenue; the Others segment (logistics, jetty and port services, investments) generated US$174.5 million of external revenue in FY2025, about 0.25% of the group total (FY2025 RA). Revenue is volume x price, so reported revenue swings heavily with commodity prices (e.g., FY2022 revenue rose 11.6% while volumes rose only about 2%). Profitability is driven by processing spreads (refining margins, soybean crushing margins), merchandising and logistics arbitrage, consumer-pack brand premiums, and upstream palm and sugar prices.
Value-chain position
| Value-chain stage | Wilmar activity | Evidence |
|---|---|---|
| Upstream cultivation | 234,334 ha oil palm planted (Indonesia 152,005; Malaysia 59,642; Africa 22,687) plus 36,598 ha plasma/outgrower programmes | FY2025 RB |
| Primary processing | Palm oil mills (1.52m MT CPO produced FY2025), sugar mills (3.11m MT sugar milling volume FY2025), soybean crushing | FY2025 RB |
| Secondary processing | Palm/lauric refining, oleochemicals, biodiesel, flour and rice milling, specialty fats | Segment definitions |
| Merchandising & logistics | Tropical oils, oilseeds/grains and sugar merchandising; shipping; jetty/port services | Segment definitions |
| Branded consumer | Consumer packs (8.84m MT FY2025), medium pack & bulk (25.86m MT) | FY2025 RA |
Customer types and end-markets
Retail consumers (through modern and traditional trade), food service and central kitchens, industrial food manufacturers (bakery, confectionery, noodles, dairy), animal feed producers (soybean meal), oleochemical and personal-care manufacturers, biodiesel blenders and energy companies, and commodity traders. End-markets: packaged food, food service, livestock and aquaculture, biofuels, home and personal care, pharmaceuticals and industrial chemicals.
Independent characterisation
Wilmar is best understood as a high-volume, low-margin processing utility with a branded consumer overlay and an upstream commodity option. In FY2025 the group moved 105.8 million MT of product (excluding plantation volumes) on group revenue of US$70.4 billion, earning a 2.0% net margin. Roughly 55% of external revenue comes from Feed & Industrial (processing and merchandising) and 43% from Food Products, but earnings mix is more balanced because plantation margins (10.1% segment margin in FY2025) are structurally higher than processing margins (around 2%). The group's true strategic differentiator is its China consumer franchise (YKA's Arawana) and, since late 2025, its India consumer franchise (AWL's Fortune) — two of the world's largest edible oil markets. Its key vulnerability is jurisdictional concentration of regulatory risk: Indonesia (two-thirds of its plantations; a US$782.3 million FY2025 charge; a new state export-control regime) and China (47% of revenue; criminal litigation against a subsidiary).
Strategy
Stated strategic themes (management language, paraphrased)
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Integrated agribusiness model spanning origination, processing, branding, merchandising and distribution, used to capture margins across the chain (standing boilerplate in all results releases).
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Grow Food Products market share on a reputation for quality and healthy food (FY2024 RA outlook).
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Capital discipline: reduce capex and extract returns from recent expansion (FY2023 RB outlook; FY2025 RA: most core expansion complete); a more disciplined capital allocation approach focused on efficiency and resilience (2025 Annual Report, as reported by InfoSAWIT, Apr 2026).
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Operational efficiency, prudent capital management and sustainable growth (1H2026 commentary).
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Adaptation to geopolitics and trade: adjusting supply chain and business model to tariffs and regulatory change (FY2025 RA).
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Governance assurance: the Chairman stated in the 2025 Annual Report that the group will not risk decades of investment and reputation for unlawful gains (InfoSAWIT, Apr 2026).
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Status |
|---|---|---|---|
| AWL control (India) | Dec 2024 – Nov 2025 | Moved from 43.94% associate to 56.94% subsidiary following Adani exit | Completed; purchase price allocation not finalised at 31 Dec 2025 |
| PZ Wilmar buyout (Nigeria) | Jun 2025 | Acquire 50% for US$70 million; Wilmar intends to develop upstream plantations and downstream business and to seek a local partner | Agreed; completion status not confirmed in sources reviewed |
| Nigerian upstream expansion | 2,025 | Acquisition of 8,500 ha of old rubber plantations for oil palm conversion (Bloomberg) | Ongoing |
| China logistics and commercial consolidation | Aug–Sep 2025 | Acquisition of Shanghai Yijia Logistics and Yihai Kerry (Shanghai) Commercial | Completed |
| New food ventures (central kitchen, ready meals) | Ongoing | Management noted in FY2024 that new Food Products ventures were not yet profitable but strengthen long-term potential | Ongoing; loss-making as of FY2024 |
| Capex reduction | FY2024–FY2025 | Capex down 31% to US$1.08 billion in FY2025 | Achieved |
| Net-zero pathway | Mar 2025 | SBTi-validated near-term and long-term targets under Corporate Net-Zero Standard and FLAG Guidance | Validated |
| Sustainability-linked financing | 2,024 | US$4.27 billion of sustainability-linked financing secured (2024 Sustainability Report, per aggregator) | Ongoing |
| Indonesia regulatory adaptation (DSI regime) | 2,026 | Routing export documentation through DSI from 1 Jun 2026; full state intermediation from 1 Jan 2027 | In transition |
Medium-term financial targets / guidance
Wilmar does not publish quantitative medium-term targets (revenue, margin, ROE or leverage). Guidance is qualitative: "Barring unforeseen circumstances, we expect results for FY2026 to be satisfactory" (FY2025 RA; reiterated in 1H2026). No cost-reduction programme with quantified targets has been announced. Dividend policy is not formally codified; actual payouts have ranged 33–64% of reported net profit.
Products & Services
Disclosure note: Wilmar does not publish product-level revenue, pricing or launch dates. The catalogue below is compiled from segment definitions, subsidiary disclosures and widely documented brand portfolios. Launch years and pricing models are "not publicly disclosed" unless stated. Brand ownership in some markets may have changed and should be verified before external use.
Food Products — Consumer Products
| Product line / brand | Market | Description and target customer | Notes |
|---|---|---|---|
| Arawana (金龙鱼) | China | Flagship blended and single-seed edible oils, rice, flour, noodles; mass-market households | Core YKA brand; China's leading kitchen-food brand franchise |
| Orchid (胡姬花) | China | Premium peanut oil; mid/upper households | YKA brand |
| Orili / Olivoila (欧丽薇兰) | China | Olive oil; premium households | YKA brand |
| Xiangmanyuan (香满园) and other YKA tier brands | China | Value-tier oils, rice and flour | YKA brand portfolio |
| Central kitchen and ready-to-eat meals | China | Prepared meals and central-kitchen supply for schools, canteens and food service | Strategic growth initiative referenced by the Chairman in FY2021; included in segment definition FY2025 |
| Fortune | India | Edible oils (soybean, mustard, sunflower, rice bran), wheat flour (atta), rice, pulses, besan, sugar | AWL flagship; consolidated since Nov 2025 |
| King's, Raag, Bullet, Alpha and other AWL brands | India | Value and regional oils, vanaspati, specialty fats | AWL portfolio (brand list per AWL disclosures; not re-verified) |
| Sania, Fortune, Siip, Mahkota | Indonesia | Cooking oil, margarine, snacks | Indonesian consumer portfolio |
| Neptune, Simply, Meizan | Vietnam | Cooking oils | Vietnamese consumer portfolio (via Cai Lan / Wilmar Vietnam) |
| Rupchanda | Bangladesh | Cooking oils | JV/associate brand (ownership structure not re-verified) |
| Mamador, Devon King's | Nigeria | Edible oils | PZ Wilmar, 100% on completion of June 2025 deal |
| Goodman Fielder brands (e.g., Meadow Fresh, Helga's, Edmonds, Meadow Lea) | Australia/NZ | Bread, dairy, spreads, baking mixes | Held through the Goodman Fielder investment (structure not re-verified) |
| Sugar (consumer packs) | Australia, Indonesia, India and others | Packaged sugar | Brands vary by market |
| Detergents / home care (e.g., 洁劲100 in China) | China | Laundry detergents leveraging oleochemical integration | YKA ancillary line |
Food Products — Medium Pack and Bulk
| Product line | Description | Target customer |
|---|---|---|
| Medium-pack edible oils | Tins and jerrycans for food service and small industry | Restaurants, caterers, SME food manufacturers |
| Bulk refined oils and specialty fats | Shortenings, margarines, cocoa butter equivalents, bakery and confectionery fats | Industrial food manufacturers |
| Flour (bulk and medium pack) | Wheat flour for bakery, noodles, dumplings | Bakeries, noodle makers, food processors |
| Rice (bulk) | Milled rice | Food service, institutional buyers |
| Bulk sugar | Refined sugar | Beverage and confectionery manufacturers |
Volume trend: medium pack and bulk grew from 19.73 million MT (FY2021) to 25.86 million MT (FY2025), driven by expanded flour and rice capacity (FY2022 and FY2023 RA commentary).
Feed and Industrial Products
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| Tropical oils (palm and lauric) | Crude and refined palm oil, palm kernel oil, coconut oil merchandising and refining | Food manufacturers, refiners, traders | Largest revenue line: US$27.05 billion FY2025 |
| Oleochemicals | Fatty acids, fatty alcohols, glycerine, esters | Personal care, detergents, pharmaceuticals, industrial chemicals | Group head of oleochemicals & biofuels role disclosed |
| Biodiesel | Palm methyl ester for blending mandates (e.g., Indonesia's B-series programme) | Fuel distributors, state energy companies | Wilmar is one of Indonesia's largest biodiesel producers (qualitative) |
| Gas oil | Fuel merchandising | Industrial and shipping customers | Listed in segment definition |
| Oilseeds crushing | Soybean, rapeseed and other seeds crushed into oil and meal | Feed mills (meal); refiners (oil) | China crushing margins drove 2H2025 and 1H2026 results |
| Animal feed | Compound feed and soybean meal | Livestock and aquaculture producers | Segment definition |
| Grains merchandising | Wheat, corn and other grains | Millers, feed producers | 30.0 million MT oilseeds & grains volume FY2025 |
| Sugar merchandising | Raw and white sugar trading | Refiners, industrial users | Volume fell 26% to 11.5 million MT in FY2025 |
Plantation and Sugar Milling
| Product line | Key specifications (FY2025) | Notes |
|---|---|---|
| Fresh fruit bunches / crude palm oil / palm kernel | 234,334 ha planted; 209,346 ha mature harvested; FFB 4.04 million MT; yield 19.3 MT/ha; CPO 1.52 million MT; CPO extraction 19.5% | Weighted average plantation age about 14 years; 32.5% of area older than 18 years |
| Plasma / outgrower programmes | 36,598 ha | Smallholder schemes in Indonesia and Africa |
| Sugar milling | 3.11 million MT sales volume | Australia (Wilmar Sugar), India and other milling operations |
| Compound fertilisers | Production in Malaysia (Agrifert) | Added to segment definition in FY2025 |
Others
Logistics, shipping and jetty/port services; investment portfolio (FVPL securities US$312.5 million at end-2025).
Financial Narrative
Income statement
Sources: FY2022 RA (FY2021–22), FY2024 RA (FY2023–24), FY2025 RA (FY2025); EBITDA per company definitions in results briefings.
Note on gross profit comparability: the step-down in gross profit between FY2022 (US$7.48 billion) and FY2023 (US$5.27 billion) coincides with a fall in selling and distribution expenses from US$3.29 billion to US$2.11 billion. The company attributes S&D movements primarily to Indonesian export duties; gross margin comparisons across FY2022/FY2023 should therefore be read alongside S&D. EBITDA is the more comparable profitability measure.
Margins and growth (%, computed)
CAGRs (FY2021–FY2025, 4 years): Revenue +1.7% p.a.; EBITDA +0.6% p.a.; core net profit -8.7% p.a.; net profit -7.0% p.a.
Commentary — income statement. The five-year arc is a commodity super-cycle peak followed by mean reversion. FY2021–FY2022 benefited from elevated palm oil and sugar prices, strong palm refining margins and high freight rates (management's own explanation in the FY2022 release), producing record core net profit of US$2.42 billion. FY2023 saw sharp compression in tropical oils refining margins and a weak first half in China flour (high feedstock cost), cutting core profit 35%; a US$231 million Cosumar gain flattered reported results. FY2024 was the trough: core net profit fell another 26% to US$1.16 billion as sugar merchandising normalised from an exceptional FY2023, plantation profit halved on lower output, and JV/associate income fell 31% on weaker European investments. FY2025 marked an inflection in core earnings (+9.7%), led by a 62% jump in 2H2025 Feed & Industrial profit on soybean crushing margins and sugar merchandising, and a 54% increase in JV/associate income; reported profit (+20.6%) was boosted by a large non-cash AWL remeasurement gain offset by legal and regulatory charges. 1H2026 extended the recovery (core +9.9%) despite Iran-conflict-related hedging volatility in 1Q2026. Finance costs peaked at US$1.25 billion in FY2023 as management had guided and have since declined with global rates, a meaningful tailwind given that finance costs absorbed 32% of FY2023 EBITDA versus 25% in FY2025.
Balance sheet
Net debt = total borrowings - cash and bank balances - other deposits with financial institutions (company definition). Liquid working capital = inventories (excluding consumables) + trade receivables - current liabilities (excluding borrowings).
Commentary — balance sheet. Wilmar's borrowings are predominantly trade-related: about 76% of debt was repayable within one year at end-2025, and 71% of utilised facilities were trade-financing lines at end-2023 (FY2023 RB). Net debt therefore tracks commodity prices and inventory more than capex. Adjusted net debt (net of readily convertible inventories and receivables) of US$7.34 billion — 0.34x equity — is the more meaningful leverage measure. The FY2025 increase in net debt (+US$1.32 billion) was attributed to AWL's consolidation; excluding AWL, net debt fell in line with lower commodity prices. The AWL deal also lifted goodwill by about US$1.67 billion to US$5.51 billion and NCI by US$472 million. Equity has been flat for four years (US$19.9–20.2 billion) despite cumulative net profit of about US$8.4 billion over FY2021–FY2025, reflecting dividends and large negative currency translation (notably the strong US dollar in FY2022, which reduced OCI by US$1.58 billion), before FY2025's US$1.29 billion translation gain lifted shareholders' funds to US$21.9 billion.
Cash flow
FY2023 capex: the FY2023 briefing showed US$2,281 million while the FY2024 RA restated FY2023 capex (including advances) as US$2.21 billion; the cash-flow-statement figure (US$2,211 million) is used. FY2022 FCF: the company reported "free cash flow of US$613.6 million" in FY2022 RA using an undisclosed definition; the derived figure above uses net operating cash minus capex.
Commentary — cash flow. Reported operating cash flow is dominated by working-capital swings tied to commodity prices and the timing of the Chinese Spring Festival (inventory build ahead of it). FY2021 saw a US$4.0 billion working-capital outflow as prices surged; FY2023 saw a release as prices fell. The structural story is in capex: after an expansion cycle (US$2.5 billion a year in FY2021–FY2022), capex has fallen 57% to US$1.08 billion in FY2025, with management explicitly stating that most expansion of core businesses is complete and the focus is on extracting returns. Pre-working-capital FCF of US$1.7–2.2 billion now comfortably covers the dividend (US$0.7–0.9 billion).
Ratios
FY2021 ROA and asset turnover use year-end assets (FY2020 balance sheet outside window). FY2022 ROIC shown as restated in the FY2023 RB (originally 6.9%). Turnover days are company-reported averages of monthly turnover days.
Commentary — ratios. Returns have structurally de-rated from the FY2022 peak: company ROIC fell from 7.3% to 4.3% in FY2024 before recovering to 4.9% in FY2025, below most estimates of Wilmar's cost of capital. Interest coverage halved between FY2021 and FY2023 as rates rose on a trade-financed balance sheet, and is now recovering. The cash conversion cycle improved from 85–86 days to 79 days, but this was helped by payables days rising from 12 to 22, which the company attributes to supplier financing arrangements with banks — a source of working-capital benefit that is reversible and that analysts should treat as quasi-debt. 1H2026 annualised ROE improved to 6.5% (secondary summary of 1H2026 briefing).
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Group Entities
| Entity | Wilmar interest | Role | Source |
|---|---|---|---|
Yihai Kerry Arawana Holdings Co., Ltd (Shenzhen: 300999) | 89.99% | China edible oils, flour, rice, oilseed crushing, consumer brands | FY2025 RA |
AWL Agri Business Limited (BSE/NSE, formerly Adani Wilmar) | 56.94% (via Lence Pte Ltd) | India edible oils and foods (Fortune) | SGX filing 19 Nov 2025 |
Lence Pte Ltd | 100% | Holding company for AWL stake | SGX filing |
PT Wilmar Nabati Indonesia, PT Multimas Nabati Asahan, PT Multi Nabati Sulawesi, PT Sinar Alam Permai, PT Wilmar Bioenergi Indonesia | Subsidiaries | Indonesian refining, oleochemicals and biodiesel (named respondents in the export-permit case) | Investortrust; Indonesia Business Post |
Yihai (Guangzhou) Oils & Grains Industries | 100% owned by YKA | China refining/storage (defendant in Anhui case) | Wilmar SGX response, Jan 2024 |
PZ Wilmar Limited (Nigeria) | 100% on completion | Nigerian palm plantations and edible oils (Mamador, Devon King's) | PZ Cussons RNS |
Wilmar Distribution Pte Ltd | 100% | Distribution | FY2025 RA Rule 704(13) |
Shree Renuka Sugars Ltd (India) | — | Indian sugar and ethanol | Historical records |
Revenue by Segment
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Food Products revenue (USD Mn) | 29,508 | 31,516 | 28,326 | 28,829 | 30,886 |
Consumer Products revenue (USD Mn) | 12,172 | 12,874 | 11,057 | 10,587 | 11,203 |
Medium Pack and Bulk revenue (USD Mn) | 17,337 | 18,642 | 17,269 | 18,243 | 19,683 |
Feed and Industrial Products revenue (USD Mn) | 38,895 | 44,546 | 41,369 | 42,254 | 42,872 |
Tropical Oils revenue (USD Mn) | 24,219 | 27,276 | 22,430 | 23,508 | 27,049 |
Oilseeds and Grains revenue (USD Mn) | 9,243 | 11,043 | 10,946 | 10,276 | 10,531 |
Sugar merchandising revenue (USD Mn) | 5,433 | 6,227 | 7,993 | 8,470 | 5,291 |
Plantation and Sugar Milling revenue (USD Mn) | 3,651 | 4,737 | 3,981 | 3,361 | 3,522 |
Oil Palm Plantation revenue (USD Mn) | 2,435 | 3,441 | 2,483 | 2,076 | 2,331 |
Sugar Milling revenue (USD Mn) | 1,216 | 1,296 | 1,498 | 1,285 | 1,191 |
Others revenue (USD Mn) | 298 | 373 | 442 | 405 | 430 |
Inter-segment eliminations (USD Mn) | -6,558 | -7,773 | -6,963 | -7,470 | -7,293 |
Group revenue (USD Mn) | 65,794 | 73,399 | 67,155 | 67,379 | 70,416 |
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View Subscription PlansRevenue by Segment and Revenue by Segment (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Food Products external revenue (USD Mn) | 28,967 | 30,643 | 27,745 | 28,264 | 30,192 |
Feed and Industrial external revenue (USD Mn) | 35,228 | 40,292 | 37,450 | 37,514 | 38,537 |
Plantation and Sugar Milling external revenue (USD Mn) | 1,469 | 2,313 | 1,773 | 1,436 | 1,512 |
Others external revenue (USD Mn) | 130 | 151 | 188 | 165 | 174 |
Food Products share of group revenue (%) | 44.0 | 41.7 | 41.3 | 41.9 | 42.9 |
Feed and Industrial share of group revenue (%) | 53.5 | 54.9 | 55.8 | 55.7 | 54.7 |
Plantation and Sugar Milling share of group revenue (%) | 2.2 | 3.2 | 2.6 | 2.1 | 2.1 |
Others share of group revenue (%) | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
Results by Segment
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Food Products PBT (USD Mn) | 680.9 | 730.1 | 294.9 | 502.1 | 449.7 |
Feed and Industrial Products PBT (USD Mn) | 1,261.0 | 1,559.5 | 926.7 | 829.5 | 861.0 |
Plantation and Sugar Milling PBT (USD Mn) | 564.1 | 569.3 | 500.1 | 269.1 | 356.5 |
Others PBT (USD Mn) | 47.2 | 3.6 | -55.2 | -38.1 | 19.7 |
Share of JVs and associates (USD Mn) | 219.5 | 273.8 | 319.8 | 219.9 | 339.4 |
Unallocated (USD Mn) | -6.9 | -19.7 | -30.1 | -37.4 | 63.5 |
Group PBT (USD Mn) | 2,765.8 | 3,116.6 | 1,956.2 | 1,745.1 | 2,089.8 |
Segment Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Food Products PBT margin on segment revenue (%) | 2.31 | 2.32 | 1.04 | 1.74 | 1.46 |
Feed and Industrial PBT margin on segment revenue (%) | 3.24 | 3.50 | 2.24 | 1.96 | 2.01 |
Plantation and Sugar Milling PBT margin on segment revenue (%) | 15.45 | 12.02 | 12.56 | 8.01 | 10.12 |
Food Products revenue growth YoY (%) | 0 | 6.8 | -10.1 | 1.8 | 7.1 |
Feed and Industrial revenue growth YoY (%) | 0 | 14.5 | -7.1 | 2.1 | 1.5 |
Plantation and Sugar Milling revenue growth YoY (%) | 0 | 29.8 | -16.0 | -15.6 | 4.8 |
Operating Metrics ('000 MT)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Consumer Products volume ('000 MT) | 8,539 | 8,487 | 7,970 | 8,332 | 8,842 |
Medium Pack and Bulk volume ('000 MT) | 19,726 | 20,580 | 22,712 | 24,668 | 25,858 |
Tropical Oils volume ('000 MT) | 22,808 | 22,161 | 24,722 | 25,585 | 26,430 |
Oilseeds and Grains volume ('000 MT) | 20,199 | 21,372 | 23,249 | 27,453 | 30,002 |
Sugar merchandising volume ('000 MT) | 11,987 | 12,082 | 13,298 | 15,662 | 11,543 |
Sugar Milling volume ('000 MT) | 3,300 | 3,239 | 3,565 | 3,090 | 3,113 |
Total volume ex-plantation ('000 MT) | 86,559 | 87,921 | 95,516 | 104,790 | 105,788 |
Results by Segment (1H2025–1H2026)
| Metric | 1H2025 | 1H2026 | Change |
|---|---|---|---|
Revenue (USD Mn) | 32,892 | 38,560 | +17.2% |
Food Products PBT (USD Mn) | 195.7 | 304.6 | +55.7% |
Feed and Industrial PBT (USD Mn) | 381.6 | 591.0 | +54.9% |
Plantation and Sugar Milling PBT (USD Mn) | 202.0 | 137.7 | -32% |
Group PBT (USD Mn) | 937.7 | ~1060 | +12.8% |
Core net profit (USD Mn) | 583.7 | 641.5 | +9.9% |
Net profit (USD Mn) | 594.9 | 608.9 | +2.3% |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 65,794 | 73,399 | 67,155 | 67,379 | 70,416 |
Cost of sales (USD Mn) | 58,602 | 65,923 | 61,882 | 62,168 | 64,620 |
Gross profit (USD Mn) | 7,191 | 7,476 | 5,273 | 5,211 | 5,796 |
Selling and distribution expenses (USD Mn) | 3,413 | 3,293 | 2,107 | 1,953 | 2,235 |
Administrative expenses (USD Mn) | 1,096 | 1,117 | 1,150 | 1,160 | 1,187 |
EBITDA, company-defined (USD Mn) | 4,172 | 4,734 | 3,963 | 3,886 | 4,270 |
EBIT, derived: PBT + finance costs - finance income (USD Mn) | 3,019 | 3,565 | 2,705 | 2,552 | 2,853 |
Sum of operating segment results, pre-JV (USD Mn) | 2,553 | 2,850 | 1,667 | 1,563 | 1,687 |
Finance costs (USD Mn) | 588 | 872 | 1,252 | 1,203 | 1,077 |
Finance income (USD Mn) | 335 | 424 | 503 | 396 | 314 |
Share of JVs and associates (USD Mn) | 219 | 274 | 320 | 220 | 339 |
Profit before tax (USD Mn) | 2,766 | 3,117 | 1,956 | 1,745 | 2,090 |
Income tax expense (USD Mn) | 700 | 547 | 298 | 517 | 533 |
Net profit attributable to owners (USD Mn) | 1,890 | 2,402 | 1,525 | 1,170 | 1,411 |
Core net profit (USD Mn) | 1,842 | 2,420 | 1,567 | 1,164 | 1,278 |
Non-controlling interests (USD Mn) | 176 | 167 | 133 | 59 | 146 |
EPS basic (US cents) | 30.0 | 38.3 | 24.4 | 18.7 | 22.6 |
EPS diluted (US cents) | 29.9 | 38.3 | 24.4 | 18.7 | 22.6 |
Dividend per share (S cents) | 15.5 | 17.0 | 17.0 | 16.0 | 14.0 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 10.93 | 10.19 | 7.85 | 7.73 | 8.23 |
EBITDA margin (%) | 6.34 | 6.45 | 5.90 | 5.77 | 6.06 |
EBIT margin, derived (%) | 4.59 | 4.86 | 4.03 | 3.79 | 4.05 |
PBT margin (%) | 4.20 | 4.25 | 2.91 | 2.59 | 2.97 |
Net margin (%) | 2.87 | 3.27 | 2.27 | 1.74 | 2.00 |
Core net margin (%) | 2.80 | 3.30 | 2.33 | 1.73 | 1.81 |
Revenue growth YoY (%) | 30.2 | 11.6 | -8.5 | 0.3 | 4.5 |
Core net profit growth YoY (%) | 24.0 | 31.3 | -35.3 | -25.7 | 9.7 |
Reported effective tax rate, tax/PBT (%) | 25.3 | 17.6 | 15.2 | 29.6 | 25.5 |
Balance Sheet and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 58,718 | 60,402 | 61,809 | 59,572 | 65,642 |
Property, plant and equipment (USD Mn) | 14,192 | 14,814 | 15,766 | 15,619 | 16,329 |
Intangible assets (USD Mn) | 5,394 | 5,403 | 5,284 | 5,119 | 7,090 |
of which goodwill (USD Mn) | 3,819 | 3,832 | 3,725 | 3,619 | 5,507 |
of which brands (USD Mn) | 1,552 | 1,552 | 1,552 | 1,494 | 1,578 |
Inventories (USD Mn) | 11,739 | 13,230 | 11,802 | 12,989 | 14,653 |
Trade receivables (USD Mn) | 6,833 | 6,549 | 6,384 | 7,553 | 7,351 |
Cash and bank balances (USD Mn) | 2,693 | 2,999 | 4,505 | 3,206 | 2,890 |
Other bank deposits, current plus non-current (USD Mn) | 5,987 | 5,098 | 4,730 | 4,116 | 4,464 |
Short-term loans and borrowings (USD Mn) | 22,292 | 23,435 | 22,242 | 21,723 | 23,440 |
Long-term loans and borrowings (USD Mn) | 6,823 | 6,994 | 8,460 | 6,627 | 7,359 |
Total loans and borrowings (USD Mn) | 29,115 | 30,429 | 30,702 | 28,350 | 30,799 |
Net debt, company-defined (USD Mn) | 17,238 | 18,747 | 17,652 | 18,638 | 19,958 |
Liquid working capital (USD Mn) | 11,889 | 12,662 | 10,174 | 12,088 | 12,615 |
Adjusted net debt, net of liquid working capital (USD Mn) | 5,349 | 6,085 | 7,478 | 6,550 | 7,343 |
Trade payables (USD Mn) | 2,009 | 2,352 | 2,894 | 4,011 | 4,885 |
Current assets (USD Mn) | 31,815 | 32,632 | 34,374 | 33,212 | 36,081 |
Current liabilities (USD Mn) | 28,393 | 29,942 | 29,656 | 29,562 | 32,128 |
Net current assets / working capital (USD Mn) | 3,422 | 2,690 | 4,717 | 3,650 | 3,953 |
Shareholders' funds (USD Mn) | 19,924 | 19,986 | 20,173 | 19,861 | 21,865 |
Non-controlling interests (USD Mn) | 2,678 | 2,615 | 2,579 | 2,531 | 3,196 |
Total equity (USD Mn) | 22,602 | 22,601 | 22,752 | 22,392 | 25,061 |
NAV per share (US cents) | 316.5 | 320.2 | 323.1 | 318.1 | 350.3 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow before working capital changes (USD Mn) | 3,994 | 3,951 | 2,953 | 3,801 | 2,791 |
Net cash from operating activities (USD Mn) | -45 | 2,048 | 3,885 | 1,372 | 2,362 |
Capital expenditure, PP&E plus bearer plants (USD Mn) | 2,527 | 2,483 | 2,211 | 1,572 | 1,081 |
Free cash flow, net operating cash minus capex (USD Mn) | -2,572 | -435 | 1,674 | -200 | 1,281 |
Pre-working-capital FCF, OCF before WC minus capex (USD Mn) | 1,467 | 1,468 | 742 | 2,229 | 1,710 |
Acquisitions of subsidiaries, JVs and associates (USD Mn) | 81 | 141 | 298 | 66 | 448 |
Dividends paid to company shareholders (USD Mn) | 968 | 755 | 795 | 796 | 663 |
Total dividends paid incl. to NCI (USD Mn) | 1,050 | 803 | 848 | 866 | 717 |
Share buybacks (USD Mn) | 98 | 200 | 0 | 0 | 0 |
Depreciation of PP&E (USD Mn) | 1,084 | 1,093 | 1,160 | 1,254 | 1,343 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, company-defined, net profit/average equity (%) | 9.7 | 12.0 | 7.6 | 5.8 | 6.8 |
ROIC, company-defined (%) | 5.8 | 7.3 | 5.6 | 4.3 | 4.9 |
ROA, net profit/average total assets (%) | 3.22 | 4.03 | 2.50 | 1.93 | 2.25 |
Current ratio (x) | 1.12 | 1.09 | 1.16 | 1.12 | 1.12 |
Net debt to shareholders' funds (x) | 0.87 | 0.94 | 0.88 | 0.94 | 0.91 |
Adjusted net debt to shareholders' funds (x) | 0.27 | 0.30 | 0.37 | 0.33 | 0.34 |
Total borrowings to total equity (x) | 1.29 | 1.35 | 1.35 | 1.27 | 1.23 |
Net debt to EBITDA (x) | 4.13 | 3.96 | 4.45 | 4.80 | 4.67 |
Adjusted net debt to EBITDA (x) | 1.28 | 1.29 | 1.89 | 1.69 | 1.72 |
EBITDA interest coverage, EBITDA/finance costs (x) | 7.09 | 5.43 | 3.17 | 3.23 | 3.96 |
EBIT interest coverage, derived (x) | 5.13 | 4.09 | 2.16 | 2.12 | 2.65 |
Asset turnover, revenue/average assets (x) | 1.12 | 1.23 | 1.10 | 1.11 | 1.12 |
Inventory turnover days (days) | 69 | 69 | 67 | 65 | 68 |
Trade receivable turnover days (days) | 28 | 30 | 29 | 30 | 33 |
Trade payable turnover days (days) | 12 | 13 | 13 | 16 | 22 |
Cash conversion cycle (days) | 85 | 86 | 83 | 79 | 79 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
People's Republic of China (USD Mn) | 34,228 | 37,602 | 34,983 | 32,575 | 33,325 |
South East Asia (USD Mn) | 12,311 | 14,210 | 13,074 | 14,404 | 16,148 |
India (USD Mn) | 1,853 | 2,119 | 1,924 | 1,848 | 2,742 |
Europe (USD Mn) | 2,548 | 2,924 | 2,362 | 2,569 | 2,811 |
Australia/New Zealand (USD Mn) | 2,711 | 2,749 | 2,761 | 2,636 | 2,637 |
Africa (USD Mn) | 5,036 | 5,543 | 4,569 | 5,501 | 5,252 |
Others (USD Mn) | 7,107 | 8,252 | 7,482 | 7,846 | 7,501 |
Total (USD Mn) | 65,794 | 73,399 | 67,155 | 67,379 | 70,416 |
Geographic Revenue
| Region | FY2022 growth (%) | FY2023 growth (%) | FY2024 growth (%) | FY2025 growth (%) | FY2025 share (%) |
|---|---|---|---|---|---|
China | 9.9 | -7.0 | -6.9 | 2.3 | 47.3 |
South East Asia | 15.4 | -8.0 | 10.2 | 12.1 | 22.9 |
India | 14.4 | -9.2 | -3.9 | 48.4 | 3.9 |
Europe | 14.8 | -19.2 | 8.8 | 9.4 | 4.0 |
Australia/New Zealand | 1.4 | 0.4 | -4.5 | 0.0 | 3.7 |
Africa | 10.1 | -17.6 | 20.4 | -4.5 | 7.5 |
Others | 16.1 | -9.3 | 4.9 | -4.4 | 10.7 |
Share Price & Returns
| Date | Close (SGD) | Context | Source |
|---|---|---|---|
22 Feb 2022 | 4.62 | FY2021 results day | The Edge Singapore |
21 Feb 2023 | 3.98 | FY2022 results day | The Edge Singapore |
28 Apr 2023 | 3.93 | 1Q2023 update | The Edge Singapore |
26 Oct 2023 | 3.47 | 3Q2023 update | The Edge Singapore |
26 Sep 2025 | ~2.84 | Post-Supreme Court ruling insider buying | Simply Wall St (insider data) |
26 Feb 2026 | 3.50 | FY2025 results; +10.8% over prior year | The Edge Singapore |
10 Mar 2026 | 3.65 | Maybank upgrade | Dow Jones |
28 May 2026 | ~3.38 | Intraday after Indonesia probe news | The Edge Malaysia |
24 Jul 2026 | 3.89 | 52-week range S$2.78–4.02 | Halo (third-party) |
12 Aug 2026 | 3.94 | 1H2026 results day | RTTNews |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim dividend (S cents) | 5.0 | 6.0 | 6.0 | 6.0 | 4.0 |
Final dividend (S cents) | 10.5 | 11.0 | 11.0 | 10.0 | 10.0 |
Total dividend per share (S cents) | 15.5 | 17.0 | 17.0 | 16.0 | 14.0 |
Total dividend declared (USD Mn) | 714 | 794 | 792 | 746 | 687 |
Payout ratio on net profit (%) | 37.8 | 33.1 | 51.9 | 63.8 | 48.7 |
Payout ratio on core net profit (%) | 38.8 | 32.8 | 50.5 | 64.1 | 53.7 |
Share Count (million) and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Shares repurchased (million) | 28.0 | 67.6 | 0 | 0 | 0 |
Buyback spend (USD Mn) | 98 | 200 | 0 | 0 | 0 |
Capital Markets
| Metric | Wilmar | Basis / source |
|---|---|---|
P/E (trailing) | ~10.4x (third-party, 24 Jul 2026); ~13–14x on FY2025 reported EPS of US22.6 cents at S$3.94 assuming USD/SGD ~1.28–1.30 (assumption) | Halo; analyst computation |
EV/EBITDA | ~11.3x (third-party, 24 Jul 2026) | Halo |
EV/Sales | ~0.6–0.7x (computed: market cap ~US$19 billion + net debt ~US$20 billion + NCI ~US$3.2 billion, on US$70.4 billion revenue; FX assumption as above) | Analyst computation |
P/B | ~0.85–0.9x (NAV US$3.50/share vs S$3.94 price; FX assumption as above) | Analyst computation |
Dividend yield | ~4.5% (third-party); ~3.6% on FY2025 DPS of S$0.14 at S$3.94 | Halo; computation |
Analyst Ratings & Targets
| Broker | Rating | Target price (SGD) | Date |
|---|---|---|---|
Maybank Securities | Buy (from Hold) | 3.85 (from 3.12) | 10 Mar 2026 |
DBS Group Research | Hold (from Buy) | 3.00 (from 3.80) | Late 2025 |
CGS-CIMB | Buy (upgrade) | 3.30 | Late 2025 |
UOB Kay Hian | Hold | 3.18 | Late 2024 |
Aggregated consensus (19 analysts, valueinvesting.io) | Hold | Average 3.82 (range 3.13–5.25) | Date not stated |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Borrowings repayable within one year (USD Mn) | 22,292 | 23,435 | 22,242 | 21,723 | 23,440 |
Borrowings repayable after one year (USD Mn) | 6,823 | 6,994 | 8,460 | 6,627 | 7,359 |
Secured borrowings (USD Mn) | 2,276 | 4,103 | 3,172 | 1,221 | 1,346 |
Unsecured borrowings (USD Mn) | 26,838 | 26,326 | 27,529 | 27,130 | 29,453 |
Analyst Conclusions
Management guidance
-
FY2026: "Barring unforeseen circumstances, results for the year are expected to be satisfactory" (reiterated 12 Aug 2026), with operating conditions expected to remain uncertain due to geopolitical developments, especially the Iran conflict.
-
Focus: operational efficiency, prudent capital management, sustainable growth; capex held near FY2025 levels (implied by statements that core expansion is complete).
Consensus expectations
Maybank raised 2026–2027 core net profit estimates by 6–7% in March 2026. Aggregated consensus rating is Hold with an average target price of about S$3.82.
Bull case
-
Earnings recovery is broad-based and accelerating: 1H2026 core net profit +9.9% with F&I PBT +55% and Food PBT +56%, and a full year of AWL consolidation still to flow through.
-
Legacy issues largely provisioned: FY2025 absorbed US$1.04 billion of Indonesia, China and Pakistan charges; Maybank argues regulatory overhang is fading.
-
Cash returns improving with capex down: pre-working-capital FCF of US$1.7 billion against a ~US$0.7 billion dividend, an interim dividend raised 25%, and a P/B below 1x on a group with irreplaceable consumer franchises.
Bear case
-
Indonesia structural risk: DSI becomes the sole exporter from 1 Jan 2027; combined with the transfer-pricing probe, this could permanently compress export margins and raise tax costs.
-
China litigation exposure exceeds provisions: the first-instance order to bear CNY1.88 billion (~US$260 million at ~7.2 CNY/US$, assumption) compares with a US$104.1 million provision covering two cases.
-
Low returns and upstream decline: ROIC below 5%, declining FFB yields with a dry-spell threat to 2027–2028 output, and supplier-finance-assisted working capital that could reverse.
Key catalysts and monitorables (next 12 months)
| Catalyst | Expected timing |
|---|---|
| 3Q2026 business update | Late Oct / early Nov 2026 |
| DSI implementing regulations; pricing/margin mechanism; full implementation | Through 1 Jan 2027 |
| Outcome or official notification of Indonesian under-invoicing probe | Unscheduled |
| Anhui Higher People's Court appeal ruling (Guangzhou Yihai) | Unscheduled |
| Finalisation of AWL purchase price allocation; AWL minimum public shareholding (remaining 7%) | FY2026 |
| FY2026 results and final dividend | Late Feb 2027 |
| Soybean crushing and palm refining margins; sugar prices | Continuous |
| Kalimantan rainfall / El Niño and FFB output | Continuous |
| CEO succession disclosures | Unscheduled |
| US biofuel policy and Indonesian B50 execution | 2026–2027 |
Concluding analyst verdict
Wilmar enters late 2026 with its strongest underlying earnings momentum since the FY2022 peak, but with the highest regulatory risk premium in its listed history. The operating evidence is unambiguous: core net profit has risen for three consecutive half-years, 1H2026 Feed & Industrial and Food Products profits both rose by more than half, and capex discipline has transformed free cash flow. The AWL transaction converts a passive Indian associate into a controlled consumer platform in one of the world's largest edible-oil markets, complementing the Arawana franchise in China. On these fundamentals, a stock trading below book value with a ~3.5–4.5% yield looks undemanding.
The counterweight is that Wilmar's two largest operating jurisdictions are both producing adverse legal and policy outcomes. Indonesia has forfeited a US$0.7 billion-plus deposit, opened a fresh export-pricing probe and is moving palm oil exports into a state intermediary from January 2027 — a structural change whose economic impact cannot yet be modelled because the pricing and margin rules remain unpublished. In China, a criminal appeal carries potential liability above current provisions. Governance features — a combined Chair/CEO aged about 77 with no visible succession plan, related-party dealings with controlling shareholders, and an associate accounting failure discovered only in 2025 — limit the multiple investors will pay.
Our synthesis: Wilmar is a fundamentally improving, regulation-capped investment case. Earnings delivery in 2H2026 is likely to remain solid, but re-rating towards historical book-value multiples requires clarity on DSI economics and the China appeal. Key indicators to monitor are DSI margin rules, the Indonesian probe's formal scope, the China appeal outcome, FFB trends in Kalimantan and ROIC progression above 5%. Balanced risk-reward; positioning should be sized for headline volatility around Indonesian policy events.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Background / education | Age / born |
|---|---|---|---|---|
Kuok Khoon Hong | Co-founder, Chairman and Chief Executive Officer | Chairman & CEO since 14 Jul 2006; co-founded Wilmar 1991 | General Manager, Federal Flour Mills Bhd (1986–1991); Managing Director, Kuok Oils & Grains (1989–1991); about 35+ years in grains, edible oils and oilseeds; director of Perennial Holdings | Born 1949 (about 77) |
Pua Seck Guan | Chief Operating Officer and Executive Director | Board member about 9 years (per aggregator) | CEO of Perennial Holdings; director of YKA; previously Accenture (technology consulting lead) and Kuok Oils & Grains European operations | Born 1964 |
Teo La-Mei | Group Legal Counsel, Company Secretary and Executive Director | Group Legal Counsel since 19 Aug 2009; Executive Director since 21 Feb 2019 | Cousin of Kuok Khoon Hong, Kuok Khoon Ean and Kuok Khoon Hua | Age 63 in Feb 2023 |
Loo Cheau Leong | Chief Financial Officer and Deputy COO | About 5 years (aggregator) | Not publicly detailed in sources reviewed | Born 1974 |
Prof. Chua Nam-Hai | Chief Scientific Advisor | — | Plant scientist | — |
Tan Kah Chai | Chief Information Officer | — | — | — |
Chaw Chee Ming | Group Technical Head | — | — | — |
Rahul Kale | Group Head of Oleochemicals & Biofuels | — | — | — |
Tan Kok Liann | Group Head of Human Resources | — | — | Born 1974 |
Lim Li Chuen | Head of Investor Relations & Corporate Communications | — | — | — |
Santosh Pillai | CEO, Africa | — | — | — |
Kuok Meng Yuan | Manager, Business Development (Wilmar Distribution) and Assistant to CEO (since 6 Feb 2024) | Since 2022 | Son of Kuok Khoon Hong | Age 33 (Feb 2026) |
“—” = not publicly disclosed.
Board of Directors
| Director | Category | Notes |
|---|---|---|
Kuok Khoon Hong | Executive, Chairman & CEO | Chairs Executive Committee and Share Purchase Committee (per committee table) |
Pua Seck Guan | Executive (COO) | — |
Teo La-Mei | Executive (Group Legal Counsel & Company Secretary) | — |
Kuok Khoon Ean | Non-independent non-executive | Kuok family; director for about 18 years |
Kuok Khoon Hua | Non-independent non-executive | Kuok family; Tong Shao Ming is alternate |
Gary Thomas McGuigan | Non-independent non-executive | ADM nominee since 21 Aug 2024 (replaced Gregory Morris); Juan Luciano (ADM Chair & CEO) is alternate |
Lim Siong Guan | Lead Independent Director | Chairs three board committees per the April 2025 committee table |
Soh Gim Teik | Independent | Audit Committee Chairman |
Dr Chong Yoke Sin | Independent | Committee member |
Dr Cheung Chi Yan Louis | Independent | — |
Jessica Cheam | Independent | Chair, Board Sustainability Committee (from 22 Apr 2025) |
George Yong-Boon Yeo | Independent | Former Singapore Foreign Minister |
Lee Huay Leng | Independent | Appointed 22 Apr 2025 |
Board & Management Changes
| Date | Change |
|---|---|
6 Feb 2024 | Kuok Meng Yuan appointed Assistant to CEO |
21 Aug 2024 | Gregory Morris (ADM) resigns; Gary McGuigan (ADM) appointed with Juan Luciano as alternate |
22 Apr 2025 | Kishore Mahbubani retires; Lee Huay Leng appointed; Jessica Cheam becomes BSC Chair |
Major Shareholders
| Holder | Stake | Source / date |
|---|---|---|
Kuok Group (PPB Group Bhd, Kuok Brothers Sdn Bhd, Kerry Group and related entities) | About 27–30% combined (PPB 18.48% direct; Kuok Brothers deemed 18.59%; Kerry Group deemed 11.03% as of May 2020; aggregate estimates of 27% (Simply Wall St) and 29.9% (CGS, May 2025)) | Statistics of Shareholdings 2020; secondary |
Archer-Daniels-Midland Company | About 22.3% | CGS International, May 2025; ADM held 24.82% in May 2020 |
Kuok Khoon Hong (direct and deemed) | About 12.8%–14.1% (14.07% after June 2024 purchases; continued open-market buying through Sep 2025) | The Edge Singapore, Jun 2024; SGX insider filings |
Public float | About 20% general public (secondary estimate) | Simply Wall St |
Competitive Landscape
Competitors by Segment
| Segment | Key competitors |
|---|---|
Global origination, crushing, merchandising | Cargill (private), ADM, Bunge (incl. Viterra), Louis Dreyfus Company, COFCO International |
Palm oil refining, oleochemicals, biodiesel | Musim Mas (private), Apical / Royal Golden Eagle (private), Golden Agri-Resources, Permata Hijau, KLK Oleo, IOI |
Upstream oil palm plantations | SD Guthrie (formerly Sime Darby Plantation; world's largest by planted area), Golden Agri-Resources, IOI, KLK, Astra Agro Lestari |
China consumer edible oils and staples | COFCO (Fortune 福临门 brand), Luhua (鲁花), regional brands |
India consumer edible oils and staples | Patanjali Foods, Cargill India, Bunge India, Emami Agrotech |
Sugar milling and merchandising | Cargill/Alvean, Louis Dreyfus, Sucden, Czarnikow, Mitr Phol |
ANZ branded foods | George Weston Foods, Fonterra (dairy) |
Peer Comparison FY2025
| Company | Latest fiscal year | Revenue (USD Bn) | Revenue growth (%) | Net income (USD Bn) | Net margin (%) |
|---|---|---|---|---|---|
Wilmar International | FY2025 (Dec) | 70.42 | 4.5 | 1.41 | 2.0 |
ADM | FY2025 (Dec) | ~80 (derived: reported ~6% decline from ~US$85.5 B in 2024) | ~-6 | 1.1 | ~1.4 |
Bunge Global | FY2025 (Dec) | 70.33 | 32 (Viterra merger, closed Jul 2025) | 0.816 (secondary) | ~1.2 |
Cargill | FY2025 (May) | — | — | Not disclosed (private) | — |
Louis Dreyfus Company | 2024 | — | — | — | — |
“—” = not publicly disclosed.
