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In 3QFY2023, Wilmar International Reported Lower Core Net Profit of US$323.6M

The 3QFY2023 concluded in September, and the agribusiness group Wilmar International F34 1.73% reported a lower core net profit of US$323.6 million ($443.62 million), a 59.4% year-over-year reduction from US$796.7 million in 3QFY2022.

According to the corporation, this is mostly because of lower performance from its fertilizer operations and tighter refining margins from the tropical oils sector, which is consistent with industry-wide trends.

For the time frame, it made US$313.9 million in net profit.

The group’s net profit for the 9MFY2023 was US$864.8 million, down 55.2% year over year, while its core net profit was US$900.9 million, down 53.9% year over year.

According to the group, a gain of US$175.6 million was realized from the dilution of interest in Andani Wilmar Limited in the 9MFY2022 results.

The company claims that the restricted supply of soybeans in China, along with its sugar milling and retail operations, helped to somewhat offset its lower results for the quarter.

It claims that stronger margins and increased sales volume drove improvements in its consumer products division in the third quarter of FY2023. Additionally, joint ventures and associates made positive contributions to the period’s performance.

The group’s net working capital requirements decreased throughout the period due to decreased prices for grains, oilseeds, and palm oil. As a result, $4.49 billion in net cash flows from operating operations were produced.

The group’s free cash flow was $2.56 billion as of September 30.

During this time frame, the group’s net debt was US$16.92 billion, and its net gearing ratio was 0.88 times, which was less than 0.94 times in FY2022.

Throughout this time, the group had $26.26 billion in unutilized banking facilities.

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