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Wilmar International's Annual Net Profit Beat Expectations -- Earnings Review

Dow Jones2023-02-21

By Yi Wei Wong

Wilmar International Ltd. reported full-year results on Tuesday. Here is what we watched:

NET PROFIT: The Singapore-listed agribusiness company's net profit reached a new record of $2.40 billion in 2022. Analysts polled by FactSet had expected net profit of $2.30 billion.

REVENUE: Wilmar's revenue rose to $73.40 billion, which missed the FactSet estimate of $73.85 billion.

WHAT WE WATCHED:

--CHINA REOPENING: China is expected to be a bright spot this year due to the end of its zero-Covid policy, Wilmar Chief Executive Kuok Khoon Hong said. This could help boost earnings for the group's businesses in China.

--COMMODITY PRICES: While high palm oil and sugar prices helped the agribusiness company's earnings last year, Mr. Kuok warned that plantation profits and palm-processing margins could come under pressure in 2023.

Write to Yi Wei Wong at yiwei.wong@wsj.com

(END) Dow Jones Newswires

February 21, 2023 05:35 ET (10:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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·2023-02-21
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·2023-02-21
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