Wilmar Reports Robust 2017 Results on the Back of a Stronger Oilseeds and Grains Segment
No-moat Wilmar’s 2017 core net profit of USD 1.0 billion was 7% up year over year and was within the market's and our expectations. Overall, weaker results in the tropical oils segment and sugar businesses (especially in second-half 2017) were more than offset by strong performance in the oilseeds and grains division and improved contributions from joint ventures and associates. Although fourth-quarter 2017 earnings were 24% lower year-over-year, this was mainly due to deferred tax assets record...
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