Singapore - Wilmar International Limited ('Wilmar' or 'the Group'), Asia's leading agribusiness group, reported a record US$1.89 billion net profit for the year ended December 31, 2021 ('FY2021') (FY2020: US$1.53 billion). Excluding gains from non-operating items and changes in fair value of biological assets, core net profit for FY2021 improved 24% to US$1.84 billion (FY2020: US$1.49 billion). The solid results were achieved on the back of strong performance in the third and fourth quarter of the year.

For the six months ended December 31, 2021 ('2H2021'), net profit increased 23% to US$1.14 billion (2H2020: US$923.6 million) while core net profit increased 30% to US$1.11 billion (2H2020: US$850.8 million). This is the highest full year and second half net profits attained by the Group since listing.

The good results were due to strong performance in Feed & Industrial Products and Plantation & Sugar Milling which continued into the second half of the year. The favourable performance in Feed and Industrial Products was on the back of good refining margins and sustained sales volume from midstream tropical oil operations, as well as steady contributions from sugar merchandising activities, though these were partially impacted by thinner margins and weaker sales volume from soybean crushing activities. Higher palm oil and sugar prices further drove the growth for Plantation & Sugar Milling in 2H2021. Nevertheless, high raw material cost impacted Food Products, as raw material cost increased faster than selling price adjustments. Strong growth from the Group's investments in Africa contributed favourably to the Group's results in 2H2021 but overall contribution from investments was affected by weaker share of results mainly from the Group's associates and joint ventures in China and Europe.

Revenue increased 30% to US$36.26 billion in 2H2021 (2H2020: US$27.87 billion) mainly as a result of higher commodity prices. In addition, sales volume for medium pack and bulk Food Products and tropical oils grew during the period, though the growth was dampened by weaker oilseeds and grains and sugar merchandising sales. Revenue for FY2021 increased by 30% to US$65.79 billion (FY2020: US$50.53 billion)

About Wilmar

Wilmar International Limited, founded in 1991 and headquartered in Singapore, is today Asia's leading agribusiness group. Wilmar is ranked amongst the largest listed companies by market capitalisation on the Singapore Exchange.

At the core of Wilmar's strategy is an integrated agribusiness model that encompasses the entire value chain of the agricultural commodity business, from cultivation and milling of palm oil and sugarcane, to processing, branding and distribution of a wide range of edible food products in consumer, medium and bulk packaging, animal feeds and industrial agri-products such as oleochemicals and biodiesel. It has over 500 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries and regions. Through scale, integration and the logistical advantages of its business model, Wilmar is able to extract margins at every step of the value chain, thereby reaping operational synergies and cost efficiencies.

Supported by a multinational workforce of about 100,000 people, Wilmar embraces sustainability in its global operations, supply chain and communities.

Contact:

Ms Iris CHAN

Corporate Communications

T: +(65) 6507-0592

T: +(65) 6216-0870

E: lim.lichuen@wilmar.com.sg

E: iris.chan@wilmar.com.sg

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