(Reuters) -Singapore-listed agribusiness Wilmar International Ltd reported a 27% rise in its full-year net profit on Tuesday, underpinned by its oilseeds and grains business and overall robust performances across core segments.
The oilseeds and grains business saw its profit jump 23% over the year, as its sugar merchandising activities saw better margins, and the segment recorded better sales volumes.
Its food products business saw full-year profit rise 6%, mainly due to a one-time gain from diluting its interest in Adani Wilmar in the first quarter. However, the segment saw slower sales in China because of the COVID-19 restrictions.
Wilmar, one of the world’s largest food producers, proposed a final dividend of 11 Singapore cents per share, compared with 10.5 cents a year earlier.
“We benefited from increased palm oil and sugar prices, good palm processing margins and higher shipping profit due to increased freight rates,” Chief Executive Officer Kuok Khoon Hong said in a statement.
Net profit in fiscal 2022 was $2.40 billion, compared with $1.89 billion in the year-ago period. Revenue rose 11.6% to $73.40 billion.
(Reporting by Harshita Swaminathan and Upasana Singh in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)
