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.

READ MORE!!!

Wilmar posts US$1.4 billion profit

Wilmar International Ltd, Asia's leading agribusiness group with substantial operations in Indonesia, reported 24% growth in net profit of US$1.44 billion in Jan-Sep 2009. 

Wilmar, where Indonesian Wilmar Sitorus as a key shareholder, reported sales revenue of US$16.97 billion in Jan-Sep 2009, dropped 27% from the same period last year on lower commodities price. The company posted a 35% growth in net profit to US$652.9 million for the quarter ended September 30, 2009 even though its sales revenue declined 25% in the period.

Wilmar sold 13.78 million tons of palm and laurics in the Jan-Sep 2009, declined 5.4% from the same period last year, while oilseeds and grains increased 14.9% to 11.06 million tons. 

READ MORE!!!

Indonesians in Singapore

Singapore-listed KS Energy Services Ltd, a company controlled by Indonesian businessman Kris Wiluan, has established a new JV in BVI called Blue Ocean Explorer Limited with Pacific Exploration Pte Ltd to own a refurbished seismic exploration vessel. KS Energy & Pacific own 50% shares respectively.

Meanwhile, Wilmar International---partly owned by Indonesian-born Martua Sitorus, has increased its ownership at Sheringham International Limited to 38.1% and acquired 70% shares in KemOleo Pte Ltd (the remaining 30% shares are held by Mr Rahul Kahe, who is the head of Bio-Fuels).

READ MORE!!!

Biofuel politiconomics

Indonesia is in the mood of everything related to biofuel, biodiesel, or bioenergy. And it's not just a respond to sky-high fossil fuel price. It's about politics for 2009 election.

Energy Minister Purnomo Yusgiantoro told the press today that a limited cabinet meeting chaired by president Susilo Bambang Yudhoyono in Malang, East Java over the weekend set the target of 2010 for a mass consumption of biofuel in the country that has been struggling to keep up fossil oil production with increasing demand.
As reported by Detik.com in Sunday, Purnomo said by 2010 biofuel could save 10% the consumption of traditional diesel oil and gasoline, plus 50% of the country's electricity. Ambitious plan. Late last year, research ministry announced that by 2015, up to 10% of the nation's oil consumption could be met with biofuel.
Biofuel, according to the cabinet meeting, supports three basic policies: Pro-Growth, Pro-Poor, and Pro-Jobs. Pro-Growth means biofuel would support a higher economic growth, pro-poor means significant cut in fossil fuel subsidy, and pro-jobs means creating new jobs in the biofuel industry right from its upstream (plantation and the such) to downstreams (biodiesel plants and distribution).
President's spokesperson Andi Malarangeng claimed the program would create jobs for 3.5 million people.
Several raw materials were mentioned in the roadmap to biofuel. They're palm oil, molasses, casava, jatropha etc. Industry Minister Fahmi Idris came quickly with government's plan to build eight biofuel plants with jatropha as the raw materials.
In fact, companies have jumped into the business in a frenzy way in the last few months. Life science company DuPont, for example, announced its innitiative to produce biofuel based on corn in Indonesia in a cooperation with Beyond Petroleum (BP). Some state-owned and local private companies have also announced innitiatives to produce biodiesel based on palm oil. Big palm oil companies like Astra Agro, Bakrie Sumatra Plantations, for example, have announced their respective plans to build biodiesel plants. Wilmar Trading, the largest CPO trader in Asia, is reportedly drops a plan to build biodiesel plant in Singapore and relocate that to Indonesia. Others plans to build ethanol plants based on molasses in various parts of the country.
But the country, just like others, is facing the dilemma. Excessive land usage, for example, could raise the environmental problem in itself. Government claimed there are 50 million hectares of land in Indonesia that suitable for jatropha plantation.
To be continued........

READ MORE!!!

Reinventing Crony Capitalism, A Research

If you have any interest in Indonesian tycoons, the rise, fall, rise again and maybe fall again...and how politics at play...Reinventing Crony Capitalism might be a good start...

About the business conglomerates in the past, present, and future...Salim Group, Nursalim-Gozali, Eka Tjipta, Sukanto, Prayogo, Riady family, Wings Group, Djarum, Gudang Garam, Sampoerna family, Martua Sitorus-Wilmar Group, Cendana family business (Humpuss, Citra Lamtorogung), Soerdjaja family, Bakrie Family, Bukaka, Bosowa, Mahaka, Medco, Artha Graha, and others...send inquiries to my email at yosardi@hotmail.com.

READ MORE!!!