Sunday, February 28, 2010

Wilmar posts US$1.88 billion profit

Wilmar International Ltd, Asia's leading agribusiness group where Indonesian businessman Martua Sitorus has substantial shareholding, posted a record net profit of US$1.88 billion last year, a 23% increase from 2008.
Its strong performance was underpinned by robust earnings reported by Oilseeds & Grains, Consumer Products and Plantations & Palm Oil Mills. All business segments posted higher sales volume, resulting in a 19% increase in total
revenue to US$6.9 billion. Additionally, commodities prices were higher compared to 4Q2008.
The Board has recommended for shareholders’ approval a final tax exempt dividend of S$0.05 per share. With the interim dividend of S$0.03 per share paid in Sept 2009, the total dividend paid and proposed for the financial year ended December 31, 2009 is S$0.08 per share, representing a dividend payout of about 20%.
As at December 31, 2009, the Group’s total assets stood at US$23.4 billion while shareholders’ funds amounted to US$10.9 billion. Net gearing ratio was higher but remained conservative at 0.41x.
Wilmar was last quoted at S$6.5 on SGX. At that price, Wilmar has market capitalization of S$41.5 billion, soared 128% from March 2009. Imagine how rich is Martua Sitorus. Just hope that this company and its owners paid tax properly in its Indonesian operations.




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