Wilmar International: Latest Financial Results and 2026 Outlook

Singapore –– Wilmar International Limited delivered solid revenue growth in the first half of 2026, although the increase in sales did not translate into an equivalent rise in net profit. The Singapore-listed agribusiness giant reported revenue of US$38.56 billion for January through June, up 17.2% from a year earlier. Net profit attributable to shareholders rose 2.3% to US$608.9 million, while core net profit, a key measure of underlying performance, increased 9.9% to US$641.5 million.

The gap between revenue and profit growth highlights the complexity of Wilmar’s highly diversified business model. The company operates across palm oil, edible oils, oilseed crushing, grains, sugar, flour, rice, consumer food products, animal feed, oleochemicals and biodiesel. That integrated structure provides multiple sources of earnings, while exposing the group to commodity prices, processing margins, input costs and market conditions across different geographies.

The first-half performance followed a stronger full-year result in 2025. Wilmar reported revenue of US$70.42 billion for the year, up from US$67.38 billion in 2024. Profit after tax rose to US$1.56 billion from US$1.23 billion, while net profit attributable to owners increased to US$1.41 billion from US$1.17 billion.

Profit before tax reached US$2.09 billion in 2025, compared with US$1.75 billion a year earlier. Gross profit also increased to US$5.80 billion from US$5.21 billion. The numbers indicate that higher revenue was accompanied by an improvement in gross earnings, although performance varied significantly across Wilmar’s different business segments.

One of the key contributors in 2025 was the Feed and Industrial Products segment, which includes tropical oils, oilseed crushing and edible oils, as well as sugar merchandising. The segment generated US$861 million in profit before tax, up from US$829.5 million in 2024. Better oilseed crushing margins and stronger sugar trading contributions, particularly in the second half, helped offset weaker conditions in tropical oils.

Wilmar’s Food Products business, which includes edible oils, flour, rice, sugar, noodles, specialty fats, snacks, bakery products, dairy and ready-to-eat foods, faced a more difficult year. Profit before tax fell to US$449.7 million in 2025 from US$502.1 million a year earlier. The decline was partly due to the absence of gains from a share-swap transaction involving associates and joint ventures in China that had boosted the previous year’s results.

Plantation and Sugar Milling delivered a stronger performance. Profit before tax rose to US$356.5 million in 2025 from US$269.1 million in 2024. Higher palm oil prices and strong sugar sales during the first half supported earnings, although weaker fresh fruit bunch production and softer palm oil prices toward year-end limited the overall improvement.

The group entered 2026 with its food business becoming an increasingly important contributor to consolidated growth. The comparison, however, has been affected by the consolidation of AWL Agri Business Limited following the change in ownership in December 2025. The addition of AWL has increased Wilmar’s reported revenue and volume, making year-on-year comparisons more complex.

In the first half of 2026, Food Products profit before tax jumped 56% to US$304.6 million from US$195.7 million a year earlier. Sales volume increased 19% to 19.4 million tonnes, helped by the consolidation of AWL. Excluding AWL, the segment’s sales volume still increased 2%, while revenue rose 8%, pointing to underlying growth beyond the accounting impact of consolidation.

Feed and Industrial Products delivered an even stronger improvement in profitability. Profit before tax rose 55% to US$591 million in the first half, supported by better tropical oils processing margins and higher soybean crushing activity. Stronger feed demand in China also supported the grains and oilseeds business, while sugar merchandising continued to contribute despite lower volumes.

Plantations and Sugar Milling moved in the opposite direction. Profit before tax fell 32% to US$137.7 million in the first half, reflecting weaker sugar prices and a US$24.7 million impairment charge related to sugar milling assets in India. Fresh fruit bunch production from Wilmar’s plantations fell 6% to about 1.92 million tonnes, mainly because of lower production in Indonesia.

The results underline the extent to which Wilmar remains exposed to commodity cycles despite its enormous scale and diversification. Movements in palm oil, soybean, sugar and other agricultural commodity prices can influence processing margins, working capital requirements and earnings. For investors, revenue growth therefore needs to be assessed alongside operating profit, cash flow and balance-sheet requirements.

Wilmar’s total assets stood at US$66.93 billion as of June 30, 2026, while shareholders’ equity reached US$22.20 billion. Net debt increased by US$707.6 million to US$20.67 billion, reflecting higher commodity prices and working-capital requirements. Net gearing rose to 0.93 times from 0.91 times at the end of 2025, while adjusted net gearing, which takes working-capital requirements into account, remained relatively stable at 0.33 times.

Cash generation remains another important indicator for investors. Wilmar generated US$521.9 million in cash from operating activities during the first half, while capital expenditure and advances amounted to US$678.8 million. Spending on acquisitions of subsidiaries, joint ventures and associates reached US$95.4 million, highlighting the continued capital intensity of the group’s expansion and investment strategy.

Wilmar also strengthened its financing capacity in May 2026 by increasing a syndicated loan facility to US$1.8 billion from US$1.5 billion. Strong lender demand supported the increase. The five-year package comprises a US$1.44 billion revolving credit facility and a US$360 million term loan, backed by 48 lenders.

The additional financing provides Wilmar with greater flexibility to refinance existing debt and fund corporate and working-capital requirements. For investors, the larger financing facility needs to be viewed alongside the group’s cash generation, leverage and substantial working-capital needs, particularly during periods of elevated commodity prices.

In June 2026, Wilmar announced plans to establish a 50:50 joint venture with Tropical General Investments Group, or TGI Group, combining selected agribusiness and food operations in Nigeria and Benin. The proposed venture covers palm oil plantations, edible oils, grains, rice, food manufacturing and distribution. Wilmar and TGI estimate that the addressable markets across the targeted categories are worth more than US$12 billion.

The West African venture reflects Wilmar’s strategy of expanding through partnerships with established local operators. TGI brings manufacturing capabilities, consumer brands and distribution networks, while Wilmar contributes its expertise in commodity processing and integrated supply chains. Completion remains subject to customary conditions, including regulatory approvals, with the transaction targeted for completion during the 2026 financial year.

Wilmar has also strengthened its position in India through greater control of AWL Agri Business. Following the exit of Adani Group, AWL became a subsidiary of Wilmar and its financial results began to be consolidated from December 2025. The business gives Wilmar greater exposure to India’s edible oils, consumer food and distribution markets while materially changing the composition of the group’s consolidated revenue.

China remains another major pillar of Wilmar’s international strategy through Yihai Kerry Arawana Holdings, a Shenzhen-listed company in which Wilmar holds about 89.99%. The business spans edible oils, flour, rice, food ingredients and consumer food products. Its performance remains important to Wilmar’s overall earnings profile given the scale of China’s food market and the intensity of competition across consumer staples.

Wilmar’s corporate developments in 2026 have also unfolded against greater regulatory scrutiny of commodity trading practices. In May, Indonesian authorities named Wilmar among companies reportedly being investigated over alleged export under-invoicing and transfer pricing. In a May 28 exchange filing, Wilmar said it had not received formal notification of the reported investigation and was cooperating with the authorities to understand the matters raised. The company said it would update the market if it received any formal notification.

Another risk emerged in Russia, where a local court in May 2026 ordered the state seizure of an indirect 24% interest held by Wilmar in JSC Etalon. The development adds uncertainty around one of Wilmar’s overseas investments, although the ultimate financial impact will depend on further developments and company disclosures. At the same time, Wilmar continued its sustainability agenda and in May was included for the fifth consecutive year in the Dow Jones Best-in-Class World Index.