Singapore's Wilmar posts higher first-quarter profit, flags tariff uncertainty
Wilmar's oleochemicals plant located in the Port of Rotterdam produces ingredients that are used in products such as shampoo. PHOTO: ST FILE
Bengaluru - Singapore-listed agribusiness giant Wilmar International reported a 4 per cent rise in first-quarter profit on April 29, and flagged increased market volatility from US tariffs for the rest of 2025.
Wilmar said its core net profit for the three months ended March 31 was US$343 million (S$449 million), up from US$328.4 million in the year-ago period.
The company, one of the world's largest food producers, posted a higher core net profit on better performance from both its food products and plantation and sugar milling segments.
'The outlook for the rest of the year is expected to remain uncertain with increased volatility arising from the introduction of tariffs by the United States,' Wilmar said in a statement.
Singapore faces a 10 per cent levy from the US despite a bilateral free trade agreement, compared to much steeper tariffs imposed on its neighbours, and has warned of uncertainty in its trade-reliant economy and the possibility of recession and job losses.
Wilmar's first-quarter profit was also boosted by higher earnings from its investments in China, India and South-east Asia, it said.
While operating conditions in the tropical oil business remained challenging, crushing margins improved during the quarter, Wilmar added.
Weaker contributions from the feed and industrial products segment offset some of the higher profit, the company added.
The company's shares fell 3.8 per cent to $3.02 on April 29, before its earnings announcement. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Singapore and Johor regent agree to swap land parcels at Holland Road
SINGAPORE: The Singapore government has agreed to swap land parcels at Holland Road with Johor's regent Tunku Ismail Sultan Ibrahim, the Urban Redevelopment Authority (URA) and the Singapore Land Authority (SLA) said on Tuesday (Jun 10). Tunku Ismail, who is also Crown Prince of Johor, currently owns 21.1 ha of land at Holland Road. The Johor regent 'plans to develop his land', which has been under the private ownership of the Johor royal family for generations, the authorities said in a joint media release. The land swap is so that the regent's "planned developments will be further away from the Singapore Botanic Gardens UNESCO World Heritage Site', the press release said. The 166-year-old Singapore Botanic Gardens is Singapore's first World Heritage Site under the United Nations body, after being awarded the coveted status in 2015. Under the land swap, the Johor regent will transfer part of his land – a 13 ha parcel bordered by Tyersall Avenue to its east and sitting beside the Botanic Gardens – to the Singapore government. In exchange, the Singapore government will transfer 8.5 ha of state land to the Johor regent. This piece is located to the west of the land privately owned by the Johor regent. 'The land parcels to be swapped are of comparable value,' the authorities said. The remaining 8.1 ha of land in between will remain under the regent's private ownership. In the press release, the authorities said the Johor regent 'may develop his land after the swap, which is suitable for low-rise and low-density residential uses'. Any development plans will be subject to due process, they added, noting that URA and its agencies will assess such applications to ensure the proposed development is 'sensitive to the surrounding site context'. The development will also be subject to environmental studies before works commence. The Singapore government noted that it will keep the 13 ha of land to be transferred from the Johor regent as 'undeveloped for now, while keeping open our future plans for the area'. This plot is currently labelled on URA's website as "open space". On the website, the other two plots - the 8.5 ha to be transferred to the regent, as well as the 8.1 ha remaining under the regent - are currently zoned as 'special use' sites, indicating areas used or intended for special purposes. A 2021 Bloomberg report said the Johor regent had plans to develop a 'multibillion-dollar luxury residential project' on his family's plot of land in Singapore, which lies in Tyersall Park and includes the ruins of Istana Woodneuk. Istana Woodneuk, along with the torn-down Istana Tyersall, served as the palaces of Johor's former Temenggong Abu Bakar Daeng Ibrahim in the late 19th century. The Bloomberg report, citing sources, said Tunku Ismail was seeking permission to develop the land into a 'cluster of high-end homes'.
CNA
an hour ago
- CNA
CNA938 Rewind - Mind Your Money - Vintage value: unlocking wealth in wine
CNA938 Rewind More investors are eyeing wine as the next big asset, but there's things to consider, such as buying smart and proper storage. Cheryl Goh speaks with wine collector and CEO, Work + Store Danny Wong, to find out what to know before adding those vino bottles to your portfolio.
Straits Times
2 hours ago
- Straits Times
Japan's ruling camp to pledge cash handouts in election campaigns, local media say
TOKYO - Japan's ruling coalition agreed on Tuesday to include a plan to distribute cash handouts in their election campaign pledges to help households cope with persistent inflation, media reported on Tuesday. The handout plan could add to concerns over the government's already tattered finances, as lawmakers scramble to appease voters ahead of an upper house election set for July. Prime Minister Shigeru Ishiba's Liberal Democratic Party (LDP) and its junior ruling coalition partner Komeito will discuss details of the plan, including the amount and whether to have an income threshold for recipients, according to local media. "If tax revenue rises (above projections), it has to be returned to all the people," a senior LDP lawmaker told reporters on Tuesday. The government shelved the idea of cash handouts in April as questions arose over the effectiveness of the handouts. But the plan has come back as the LDP resists growing calls from some opposition parties for tax cuts, which could weigh on the state finances more heavily. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
