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Process Industries

Wilmar International Ltd.

Company Background

Wilmar International is a global agribusiness firm with a focus on palm oil, sugar and grains. One of the world's largest processors and merchandisers of palm oil, it manages plantations in Indonesia and Malaysia. The firm covers the entire chain of food distribution from production, processing and packaging to distribution. It manages 450 manufacturing plants in 15 countries and distribution networks in over 50 countries.

Wilmar was co-founded by the current chairman and CEO Kuok Khoon Hong in 1991. Born into one of the richest families in Southeast Asia which built on successes in agricultural trading during the British colonial era, he began his career in the agricultural business in 1973, establishing oil palm plantations in Asia and Africa. Wilmar's largest shareholder is family-owned shareholding company the Kuok Group, followed by Kuok Khoon Hong. Wilmar's recent large-scale transactions include the acquisition of Goodman Fielder, an Australian producer of dairy products, sauces and cooking oils, which went into agreement in May this year. Wilmar also agreed this year to acquire a strategic stake in Mumbai-based Shree Renuka Sugars and to form joint ventures in Myanmar.

Business Summary

Wilmar International Ltd. is an investment holding company, which engages in the processing, merchandising, and distribution of agricultural products. It operates through the following segments: Tropical Oils; Oilseeds and Grains; Sugar; and Others. The Tropical Oils segments processes, merchandise, brands and distributes palm oil and laurics related products including oleo chemical and biodiesel. The Oilseeds and Grains segment comprises the merchandising and processing of a wide range of agricultural products including non palm and lauric edible oils, oilseeds, flour and rice milling, corn processing and downstream products like wheat and rice noodles in consumer pack, medium pack and in bulk. The Sugar segment engages in milling, refining, merchandising, branding, and distribution of sugar and its related products. The others segment includes the manufacturing and distribution of fertilizer products and ship-chartering services. The company was founded by Kuok Khoon Hong and Martua Sitorus in 1991 and is headquartered in Singapore.

Financial Highlights

Dec 2022 SGDUSD
Gross Profit11,235.75M8,147.82M
Operating income5,193.64M3,766.27M
Income before tax3,920.13M2,842.76M
Net income3,312.99M2,402.47M
Diluted EPS0.520.38
Dividends Per Share0.170.12
Total Assets81,011.12M60,401.96M
Total liabilities50,529.78M37,675.05M
Total equity26,804.86M19,985.73M
Operating cash flow2,964.11M2,149.48M
Currency in SGDCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 60,040.90M 58,170.08M 69,696.00M 88,417.50M 101,216.39M
Gross Profit 5,461.18M 5,847.42M 8,566.85M 10,757.84M 11,235.75M
Operating income 1,910.99M 2,204.28M 3,796.19M 4,741.62M 5,193.64M
Income before tax 1,756.64M 2,108.34M 2,908.95M 3,421.96M 3,920.13M
Net income 1,552.04M 1,729.79M 2,116.13M 2,540.42M 3,312.99M
EBITDA 2,984.57M 3,400.85M 5,195.25M 6,233.28M 6,764.88M
Diluted EPS 0.23 0.27 0.33 0.40 0.52
Dividends Per Share 0.10 0.12 0.13 0.15 0.17
Total Assets 62,306.72M 63,259.25M 67,430.55M 79,161.27M 81,011.12M
Total liabilities 39,397.67M 39,159.27M 39,077.23M 48,551.95M 50,529.78M
Total equity 21,870.39M 22,539.70M 24,955.86M 26,860.37M 26,804.86M
Operating cash flow 2,274.27M 4,746.15M 1,001.65M 68.72M 2,964.11M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 44,497.70M 42,640.51M 50,526.79M 65,793.62M 73,398.97M
Gross Profit 4,047.40M 4,286.34M 6,210.62M 8,005.17M 8,147.82M
Operating income 1,416.28M 1,615.81M 2,752.08M 3,528.35M 3,766.27M
Income before tax 1,301.88M 1,545.48M 2,108.87M 2,546.36M 2,842.76M
Net income 1,150.25M 1,267.99M 1,534.10M 1,890.39M 2,402.47M
EBITDA 2,211.93M 2,492.93M 3,766.34M 4,638.33M 4,905.68M
Diluted EPS 0.17 0.20 0.24 0.29 0.38
Dividends Per Share 0.07 0.09 0.09 0.11 0.12
Total Assets 45,712.93M 47,045.14M 51,019.97M 58,718.44M 60,401.96M
Total liabilities 28,905.12M 29,122.28M 29,567.00M 36,013.76M 37,675.05M
Total equity 16,045.77M 16,762.50M 18,882.35M 19,923.87M 19,985.73M
Operating cash flow 1,685.51M 3,479.08M 726.15M 51.14M 2,149.48M

Valuation Measures

Dec 2022
Operating margin5.13%
Profit margin3.27%

Key executives

  • Chairman & Chief Executive Officer: Khoon Hong Kuok
  • Chief Operating Officer & Executive Director: Seck Guan Pua
  • Chief Financial Officer: Cheau Leong Loo
  • Group Head-Technical: Matthew John Morgenroth
  • Chief Information Officer: Kah Chai Tan


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  • HPR Investments Ltd. (3.5%)
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  • Wilmar International Ltd. (2.5%)
  • T. Rowe Price Associates, Inc. (Investment Management) (0.9%)

Contact Details

Related Companies

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Last Updated on 31 Mar, 2023

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