Company Registration No. 199904785Z
Wilmar International Limited and its SubsidiariesUnaudited Condensed Interim Financial Statements
For the six months and full year ended 31 December 2025
Table of Contents- Financial highlights Page 3
- Unaudited condensed interim consolidated income statement Page 4
- Unaudited condensed interim consolidated statement of comprehensive income Page 5
- Unaudited condensed interim balance sheets Page 6
- Unaudited condensed interim statements of changes in equity Page 8
- Unaudited condensed interim consolidated cash flow statement Page 14
- Notes to the unaudited condensed interim consolidated financial statements Page 17
- Other information required by listing rule appendix 7.2 Page 35
6 months ended 31 December 2025 ("2H2025") | 6 months ended 31 December 2024 ("2H2024") | FY2025 | FY2024 | |||
US$'000 | US$'000 | Change | US$'000 | US$'000 | Change | |
Revenue | 37,523,791 | 36,444,473 | 3.0% | 70,415,698 | 67,379,083 | 4.5% |
Profit Before Tax | 1,152,150 | 1,002,923 | 14.9% | 2,089,815 | 1,745,106 | 19.8% |
Net Profit | 815,937 | 590,187 | 38.3% | 1,410,872 | 1,169,814 | 20.6% |
Core Net Profit | 693,898 | 558,163 | 24.3% | 1,277,595 | 1,164,414 | 9.7% |
EBITDA | 2,267,695 | 2,096,477 | 8.2% | 4,270,253 | 3,885,680 | 9.9% |
EPS - Basic (US cents per share) | 13.1 | 9.5 | 37.9% | 22.6 | 18.7 | 20.9% |
EPS - Fully diluted (US cents per share) | 13.1 | 9.5 | 37.9% | 22.6 | 18.7 | 20.9% |
31 December 2025 | 31 December 2024 | Change | ||||
Net Asset per share (US$ per share) : | ||||||
- Group | 3.50 | 3.18 | 10.1% | |||
- Company | 1.47 | 1.48 | -0.7% | |||
6 months | 6 months | 12 months | 12 months | ||||
ended 31 | ended 31 | ended 31 | ended 31 | ||||
December | December | December | December | ||||
Note | 2025 US$'000 | 2024 US$'000 | 2025 US$'000 | 2024 US$'000 | |||
Revenue | 11 | 37,523,791 | 36,444,473 | 70,415,698 | 67,379,083 | ||
Cost of sales (34,401,526) (33,742,045) (64,619,928) (62,168,298) | |||||||
Gross profit | 3,122,265 | 2,702,428 | 5,795,770 | 5,210,785 | |||
Other items of income | |||||||
Net (loss)/gain arising from changes in fair value of biological assets | (17,203) | 25,390 | (17,203) | 25,390 | |||
Finance income | 150,698 | 181,218 | 314,273 | 395,682 | |||
Other operating income | 159,247 | 267,280 | 288,385 | 400,594 | |||
Other items of expense | |||||||
Selling and distribution expenses | (1,215,603) | (1,029,282) | (2,234,800) | (1,953,444) | |||
Administrative expenses | (607,399) | (588,748) | (1,187,438) | (1,160,377) | |||
Other operating expenses | (166,867) | (116,261) | (265,682) | (175,191) | |||
Finance costs | (537,537) | (590,756) | (1,077,353) | (1,202,990) | |||
Non-operating items | 121,656 | 14,928 | 134,500 | (15,234) | |||
Share of results of joint ventures | 24,474 | 9,115 | 87,835 | 40,753 | |||
Share of results of associates 118,419 127,611 251,528 179,138 | |||||||
Profit before tax | 4 | 1,152,150 | 1,002,923 | 2,089,815 | 1,745,106 | ||
Income tax expense 5 (252,573) (369,923) (532,615) (516,638) | |||||||
Profit after tax | 899,577 | 633,000 | 1,557,200 | 1,228,468 | |||
Attributable to: | |||||||
Owners of the Company | 815,937 | 590,187 | 1,410,872 | 1,169,814 | |||
Non-controlling interests 83,640 42,813 146,328 58,654 | |||||||
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
C. Unaudited condensed interim consolidated statement of comprehensive income6 months | 6 months | 12 months | 12 months | |
ended 31 December | ended 31 December | ended 31 December | ended 31 December | |
2025 | 2024 | 2025 | 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
Profit after tax | 899,577 | 633,000 | 1,557,200 | 1,228,468 |
Other comprehensive income: | ||||
Items that will not be reclassified | ||||
subsequently to consolidated income statement Fair value change on investment securities at fair value through | ||||
other comprehensive income (3,282) Revaluation of property, plant and | (60,444) | (13,899) | (56,151) | |
equipment upon transfer to investment properties (3,631) | 1,658 | 853 | 1,658 | |
(Loss)/gain on remeasurement of
defined benefit plans (7,070) 3,458 (7,070) 3,458
(13,983) (55,328) (20,116) (51,035) Items that may be reclassified subsequently to consolidated income statementForeign currency translation | 594,609 | (196,980) | 1,291,355 | (718,663) | |||
Fair value change on cash flow hedges | 27,908 | 2,872 | 37,408 | (22,663) | |||
Fair value change on forward elements of forward contracts | (1,637) | 15,581 | 10,412 | 31,755 | |||
620,880 | (178,527) | 1,339,175 | (709,571) | ||||
Other comprehensive income, net of tax | 606,897 | (233,855) | 1,319,059 | (760,606) | |||
Total comprehensive income for the period/year | 1,506,474 | 399,145 | 2,876,259 | 467,862 | |||
Attributable to: | |||||||
Owners of the Company | 1,377,615 | 355,918 | 2,638,401 | 450,481 | |||
Non-controlling interests | 128,859 | 43,227 | 237,858 | 17,381 | |||
1,506,474 | 399,145 | 2,876,259 | 467,862 | ||||
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
D. Unaudited condensed interim balance sheetsGroup Company
Note | 31 December 2025 | 31 December 2024 | 31 December 2025 | 31 December 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | ||
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 6 | 16,329,313 | 15,619,489 | 105,840 | 109,998 |
Investment properties | 686,206 | 299,217 | - | - | |
Bearer plants | 568,257 | 542,092 | - | - | |
Intangible assets | 7,090,348 | 5,119,096 | - | - | |
Investment in subsidiaries | - | - | 17,559,047 | 17,526,276 | |
Investment in joint ventures | 646,285 | 501,087 | - | - | |
Investment in associates | 3,098,521 | 3,197,702 | 13,677 | 13,677 | |
Investment securities | 284,804 | 286,853 | - | - | |
Deferred tax assets | 347,423 | 376,938 | 3,392 | - | |
Derivative financial instruments | 7 | 28,476 | 17,617 | - | - |
Other financial assets | 362,455 | 145,306 | 35,585 | 35,585 | |
Other non-financial assets | 110,699 | 53,361 | - | - | |
Other bank deposits | 8,249 | 201,766 | - | - | |
29,561,036 | 26,360,524 | 17,717,541 | 17,685,536 | ||
Current assets | |||||
Inventories | 14,652,606 | 12,989,327 | - | - | |
Trade receivables | 7,351,231 | 7,553,220 | - | - | |
Other financial assets | 4,273,358 | 3,088,136 | 807,794 | 541,702 | |
Other non-financial assets | 1,486,638 | 1,335,787 | 8,224 | 10,776 | |
Derivative financial instruments | 7 | 659,157 | 870,321 | 270 | 636 |
Investment securities | 312,526 | 254,899 | - | - | |
Other bank deposits | 4,455,503 | 3,913,883 | - | - | |
Cash and bank balances | 2,889,720 | 3,206,073 | 6,049 | 2,630 | |
36,080,739 | 33,211,646 | 822,337 | 555,744 | ||
TOTAL ASSETS | 65,641,775 | 59,572,170 | 18,539,878 | 18,241,280 | |
EQUITY AND LIABILITIES | |||||
Current liabilities | |||||
Trade payables | 4,885,177 | 4,011,260 | - | - | |
Other financial liabilities | 2,510,422 | 2,075,614 | 434,249 | 359,282 | |
Other non-financial liabilities | 696,636 | 617,314 | - | - | |
Derivative financial instruments | 7 | 388,198 | 869,031 | 246 | 337 |
Loans and borrowings | 8 | 23,439,581 | 21,722,746 | - | - |
Income tax payables | 208,225 | 265,861 | - | - | |
32,128,239 | 29,561,826 | 434,495 | 359,619 | ||
NET CURRENT ASSETS | 3,952,500 | 3,649,820 | 387,842 | 196,125 |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
D. Unaudited condensed interim balance sheets (continued)Group | Company | ||||
31 December | 31 December | 31 December | 31 December | ||
Note | 2025 | 2024 | 2025 | 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | ||
Non-current liabilities | |||||
Other financial liabilities | 287,389 | 248,988 | 8,865,000 | 8,565,000 | |
Other non-financial liabilities | 298,973 | 274,184 | - | - | |
Derivative financial instruments | 7 | 19,368 | 30,137 | - | - |
Loans and borrowings | 8 | 7,358,894 | 6,627,400 | 63,859 | 64,043 |
Deferred tax liabilities | 488,069 | 437,975 | - | - | |
8,452,693 | 7,618,684 | 8,928,859 | 8,629,043 | ||
TOTAL LIABILITIES | 40,580,932 | 37,180,510 | 9,363,354 | 8,988,662 | |
NET ASSETS | 25,060,843 | 22,391,660 | 9,176,524 | 9,252,618 | |
Equity attributable to owners | |||||
of the Company | |||||
Share capital | 9 | 8,458,995 | 8,458,995 | 8,895,134 | 8,895,134 |
Treasury shares | 9 | (475,372) | (475,372) | (475,372) | (475,372) |
Retained earnings | 14,907,806 | 14,225,308 | 513,290 | 598,896 | |
Other reserves | (1,026,159) | (2,348,197) | 243,472 | 233,960 | |
21,865,270 | 19,860,734 | 9,176,524 | 9,252,618 | ||
Non-controlling interests | 3,195,573 | 2,530,926 | - | - | |
TOTAL EQUITY | 25,060,843 | 22,391,660 | 9,176,524 | 9,252,618 | |
TOTAL EQUITY AND LIABILITIES | 65,641,775 | 59,572,170 | 18,539,878 | 18,241,280 | |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
E. Unaudited condensed interim statements of changes in equityAttributable to owners of the Company
Equity | ||||||
attributable | ||||||
to owners | ||||||
of the | Non- | |||||
Share | Treasury | Retained | Other | Company, | controlling | Equity |
capital | shares | earnings | reserves | total | interests | total |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
For the period from 01.07.2025 to 31.12.2025
GROUP
8,458,995 | (475,372) | 14,300,600 | (1,612,783) | 20,671,440 | 2,640,756 | 23,312,196 |
- | - | 815,937 | - | 815,937 | 83,640 | 899,577 |
- | - | - | 561,678 | 561,678 | 45,219 | 606,897 |
- | - | 815,937 | 561,678 | 1,377,615 | 128,859 | 1,506,474 |
- | - | - | 17,045 | 17,045 | 1,944 | 18,989 |
- | - | - | - | - | 8,934 | 8,934 |
- | - | (194,154) | - | (194,154) | - | (194,154) |
- | - | - | - | - | (36,837) | (36,837) |
- | - | (14,577) | 14,577 | - | - | - |
- | - | (208,731) | 31,622 | (177,109) | (25,959) | (203,068) |
- | - | - | - | - | 472,366 | 472,366 |
- | - | - | (6,708) | (6,708) | (17,931) | (24,639) |
- | - | - | 45 | 45 | (2,556) | (2,511) |
- | - | - | (13) | (13) | 38 | 25 |
- | - | - | (6,676) | (6,676) | 451,917 | 445,241 |
8,458,995 | (475,372) | 14,907,806 | (1,026,159) | 21,865,270 | 3,195,573 | 25,060,843 |
Opening balance at 1 July 2025 Profit for the period
Other comprehensive income
Total comprehensive income for the period
Grant of equity-settled share options Share capital contributed by
non-controlling shareholders
Dividends on ordinary shares Dividends paid to non-controlling shareholders of subsidiaries
Net transfer to other reserves
Total contributions by and distributions to owners Acquisition of subsidiaries
Acquisition of additional interest in subsidiaries
Disposal/liquidation of subsidiaries Dilution of interest in subsidiaries
Total changes in ownership interest in subsidiaries
Closing balance at 31 December 2025
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
Attributable to owners of the Company
Equity | ||||||
attributable | ||||||
to owners | ||||||
of the | Non- | |||||
Share | Treasury | Retained | Other | Company, | controlling | Equity |
capital | shares | earnings | reserves | total | interests | total |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 |
For the period from 01.07.2024 to 31.12.2024
GROUP
8,458,995 | (475,372) | 13,922,526 | (2,138,490) | 19,767,659 | 2,497,285 | 22,264,944 |
- | - | 590,187 | - | 590,187 | 42,813 | 633,000 |
- | - | - | (234,269) | (234,269) | 414 | (233,855) |
- | - | 590,187 | (234,269) | 355,918 | 43,227 | 399,145 |
- | - | - | 18,960 | 18,960 | 2,297 | 21,257 |
- | - | - | - | - | 12,327 | 12,327 |
- | - | (285,305) | - | (285,305) | - | (285,305) |
- | - | - | - | - | (17,301) | (17,301) |
- | - | (2,100) | 2,100 | - | - | - |
- | - | (287,405) | 21,060 | (266,345) | (2,677) | (269,022) |
- | - | - | - | - | 2,044 | 2,044 |
- | - | - | 2,817 | 2,817 | (8,434) | (5,617) |
- | - | - | 685 | 685 | (519) | 166 |
- | - | - | 3,502 | 3,502 | (6,909) | (3,407) |
8,458,995 | (475,372) | 14,225,308 | (2,348,197) | 19,860,734 | 2,530,926 | 22,391,660 |
Opening balance at 1 July 2024 Profit for the period
Other comprehensive income
Total comprehensive income for the period
Grant of equity-settled share options Share capital contributed by
non-controlling shareholders
Dividends on ordinary shares
Dividends paid to non-controlling shareholders of subsidiaries
Net transfer to other reserves
Total contributions by and distributions to owners
Acquisition of subsidiaries Acquisition of additional interest in subsidiaries
Dilution of interest in subsidiaries
Total changes in ownership interest in subsidiaries
Closing balance at 31 December 2024
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
Attributable to owners of the Company
Share | Treasury | Retained | Other | Equity attributable to owners of the Company, | |
capital | shares | earnings | reserves | total | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
For the period from 01.07.2025 to 31.12.2025 | |||||
COMPANY | |||||
Opening balance at 1 July 2025 | 8,895,134 | (475,372) | 486,947 | 239,031 | 9,145,740 |
Profit for the period | - | - | 220,497 | - | 220,497 |
Other comprehensive income for the period | - | - | - | 106 | 106 |
Total comprehensive income for the period | - | - | 220,497 | 106 | 220,603 |
Grant of equity-settled share options | - | - | - | 4,335 | 4,335 |
Dividends on ordinary shares | - | - | (194,154) | - | (194,154) |
Total transactions with owners in their capacity as owners | - | - | (194,154) | 4,335 | (189,819) |
Closing balance at 31 December 2025 | 8,895,134 | (475,372) | 513,290 | 243,472 | 9,176,524 |
For the period from 01.07.2024 to 31.12.2024 | |||||
COMPANY | |||||
Opening balance at 1 July 2024 | 8,895,134 | (475,372) | 454,679 | 230,193 | 9,104,634 |
Profit for the period | - | - | 429,522 | - | 429,522 |
Other comprehensive income for the period | - | - | - | (158) | (158) |
Total comprehensive income for the period | - | - | 429,522 | (158) | 429,364 |
Grant of equity-settled share options | - | - | - | 3,925 | 3,925 |
Dividends on ordinary shares | - | - | (285,305) | - | (285,305) |
Total transactions with owners in their capacity as owners | - | - | (285,305) | 3,925 | (281,380) |
Closing balance at 31 December 2024 | 8,895,134 | (475,372) | 598,896 | 233,960 | 9,252,618 |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
Attributable to owners of the Company
Equity attributable to owners of the | Non- | ||||||
Share | Treasury | Retained | Other | Company, | controlling | Equity | |
capital | shares | earnings | reserves | total | interests | total | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
2025 | |||||||
GROUP | |||||||
Opening balance at 1 January 2025 | 8,458,995 | (475,372) | 14,225,308 | (2,348,197) | 19,860,734 | 2,530,926 | 22,391,660 |
Profit for the year | - | - | 1,410,872 | - | 1,410,872 | 146,328 | 1,557,200 |
Other comprehensive income | - | - | - | 1,227,529 | 1,227,529 | 91,530 | 1,319,059 |
Total comprehensive income for the year | - | - | 1,410,872 | 1,227,529 | 2,638,401 | 237,858 | 2,876,259 |
Grant of equity-settled share options | - | - | - | 36,096 | 36,096 | 4,189 | 40,285 |
Share capital contributed by non-controlling shareholders | - | - | - | - | - | 23,956 | 23,956 |
Dividends on ordinary shares | - | - | (663,285) | - | (663,285) | - | (663,285) |
Dividends paid to non-controlling shareholders of subsidiaries | - | - | - | - | - | (53,225) | (53,225) |
Net transfer to other reserves | - | - | (65,089) | 65,089 | - | - | - |
Total contributions by and distributions to owners | - | - | (728,374) | 101,185 | (627,189) | (25,080) | (652,269) |
Acquisition of subsidiaries | - | - | - | - | - | 472,318 | 472,318 |
Acquisition of additional interest in subsidiaries | - | - | - | (6,708) | (6,708) | (17,931) | (24,639) |
Disposal/liquidation of subsidiaries | - | - | - | 45 | 45 | (2,556) | (2,511) |
Dilution of interest in subsidiaries | - | - | - | (13) | (13) | 38 | 25 |
Total changes in ownership interest in subsidiaries | - | - | - | (6,676) | (6,676) | 451,869 | 445,193 |
Closing balance at 31 December 2025 | 8,458,995 | (475,372) | 14,907,806 | (1,026,159) | 21,865,270 | 3,195,573 | 25,060,843 |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
Attributable to owners of the Company
Equity attributable to owners of the | Non- | ||||||
Share | Treasury | Retained | Other | Company, | controlling | Equity | |
capital | shares | earnings | reserves | total | interests | total | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
2024 | |||||||
GROUP | |||||||
Opening balance at 1 January 2024 | 8,458,995 | (475,372) | 13,915,892 | (1,726,677) | 20,172,838 | 2,578,979 | 22,751,817 |
Profit for the year | - | - | 1,169,814 | - | 1,169,814 | 58,654 | 1,228,468 |
Other comprehensive income | - | - | - | (719,333) | (719,333) | (41,273) | (760,606) |
Total comprehensive income for the year | - | - | 1,169,814 | (719,333) | 450,481 | 17,381 | 467,862 |
Grant of equity-settled share options | - | - | - | 33,379 | 33,379 | 4,025 | 37,404 |
Share capital contributed by non-controlling shareholders | - | - | - | - | - | 21,002 | 21,002 |
Dividends on ordinary shares | - | - | (796,310) | - | (796,310) | - | (796,310) |
Dividends paid to non-controlling shareholders of subsidiaries | - | - | - | - | - | (69,683) | (69,683) |
Net transfer to other reserves | - | - | (64,088) | 64,088 | - | - | - |
Total contributions by and distributions to owners | - | - | (860,398) | 97,467 | (762,931) | (44,656) | (807,587) |
Acquisition of subsidiaries | - | - | - | - | - | 2,044 | 2,044 |
Acquisition of additional interest in subsidiaries | - | - | - | 629 | 629 | (15,257) | (14,628) |
Disposal of subsidiaries | - | - | - | (968) | (968) | (7,046) | (8,014) |
Dilution of interest in subsidiaries | - | - | - | 685 | 685 | (519) | 166 |
Total changes in ownership interest in subsidiaries | - | - | - | 346 | 346 | (20,778) | (20,432) |
Closing balance at 31 December 2024 | 8,458,995 | (475,372) | 14,225,308 | (2,348,197) | 19,860,734 | 2,530,926 | 22,391,660 |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
Attributable to owners of the Company
Share | Treasury | Retained | Other | Equity attributable to owners of the Company, | |
capital | shares | earnings | reserves | total | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
2025 | |||||
COMPANY | |||||
Opening balance at 1 January 2025 | 8,895,134 | (475,372) | 598,896 | 233,960 | 9,252,618 |
Profit for the year | - | - | 577,679 | - | 577,679 |
Other comprehensive income for the year | - | - | - | 428 | 428 |
Total comprehensive income for the year | - | - | 577,679 | 428 | 578,107 |
Grant of equity-settled share options | - | - | - | 9,084 | 9,084 |
Dividends on ordinary shares | - | - | (663,285) | - | (663,285) |
Total transactions with owners in their capacity as owners | - | - | (663,285) | 9,084 | (654,201) |
Closing balance at 31 December 2025 | 8,895,134 | (475,372) | 513,290 | 243,472 | 9,176,524 |
2024 | |||||
COMPANY | |||||
Opening balance at 1 January 2024 | 8,895,134 | (475,372) | 917,173 | 227,175 | 9,564,110 |
Profit for the year | - | - | 478,033 | - | 478,033 |
Other comprehensive income for the year | - | - | - | (158) | (158) |
Total comprehensive income for the year | - | - | 478,033 | (158) | 477,875 |
Grant of equity-settled share options | - | - | - | 6,943 | 6,943 |
Dividends on ordinary shares | - | - | (796,310) | - | (796,310) |
Total transactions with owners in their capacity as owners | - | - | (796,310) | 6,943 | (789,367) |
Closing balance at 31 December 2024 | 8,895,134 | (475,372) | 598,896 | 233,960 | 9,252,618 |
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
6 months ended 31 | 6 months ended 31 | 12 months ended 31 | 12 months ended 31 | |
December | December | December | December | |
2025 | 2024 | 2025 | 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
Cash flows from operating activities | ||||
Profit before tax | 1,152,150 | 1,002,923 | 2,089,815 | 1,745,106 |
Adjustments for: | ||||
Net loss/(gain) arising from changes in fair value | ||||
of biological assets | 17,203 | (25,390) | 17,203 | (25,390) |
Depreciation of bearer plants | 22,399 | 22,128 | 44,400 | 43,441 |
Depreciation of property, plant and equipment | 691,397 | 644,090 | 1,343,107 | 1,254,104 |
Fair value loss on investment properties | 197 | 1,665 | 197 | 1,665 |
Loss/(gain) on disposal of joint ventures and | ||||
associates | 2,228 | (101,518) | 3,183 | (101,690) |
Fair value loss arising from changes in interest in a joint venture resulting in change of control | - | - | 817 | - |
Fair value gain on remeasurement arising from | ||||
changes in interest in an associate - net of foreign | ||||
exchange loss | (1,140,231) | - | (1,140,231) | - |
Amortisation of intangible assets | 190 | 821 | 398 | 1,226 |
Loss/(gain) on disposal of property, plant | ||||
and equipment | 1,132 | (7,083) | 3,338 | (6,448) |
(Gain)/loss on disposal of biological assets | (423) | 20 | (457) | (58) |
Loss/(gain) on disposal/liquidation of subsidiaries | 8,370 | 660 | 8,231 | (826) |
Gain on disposal of investment securities | ||||
at fair value through profit or loss | (1,217) | (205) | (1,748) | (3,473) |
Grant of share options to employees | 18,989 | 21,257 | 40,285 | 37,404 |
Net fair value (gain)/loss on derivative financial | ||||
instruments | (246,411) | 450,491 | (199,304) | 191,277 |
Net fair value gain on investment securities | ||||
at fair value through profit or loss | (31,492) | (16,017) | (48,291) | (5,593) |
Foreign exchange differences arising from translation | 123,291 | 111,518 | 144,106 | 76,060 |
Impairment loss on investment in an associate | 54,333 | - | 54,333 | - |
Investment income from investment securities | (11,393) | (15,287) | (21,531) | (28,201) |
Interest expense | 552,257 | 607,733 | 1,106,806 | 1,237,485 |
Interest income | (150,698) | (181,218) | (314,273) | (395,682) |
Share of results of joint ventures | (24,474) | (9,115) | (87,835) | (40,753) |
Share of results of associates (118,419) (127,611) (251,528) (179,138) | ||||
Operating cash flows before working capital changes | 919,378 | 2,379,862 | 2,791,021 | 3,800,516 |
Changes in working capital: | ||||
Increase in inventories | (1,850,578) | (2,380,371) | (499,438) | (1,165,570) |
Decrease/(increase) in trade receivables and | ||||
other assets | 659,923 | (1,717,492) | 235,110 | (1,280,862) |
Increase in trade payables and other liabilities 1,474,490 1,902,661 1,141,513 1,094,527 | ||||
Cash flows generated from operations | 1,203,213 | 184,660 | 3,668,206 | 2,448,611 |
Interest paid | (540,743) | (572,871) | (1,133,435) | (1,152,296) |
Interest received | 177,759 | 182,114 | 404,652 | 511,874 |
Income taxes paid | (277,611) (211,877) (577,625) (436,418) | |||
Net cash flows generated from/(used in) operating activities | 562,618 (417,974) 2,361,798 1,371,771 | |||
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
6 months | 6 months | 12 months | 12 months | |
ended 31 | ended 31 | ended 31 | ended 31 | |
December | December | December | December | |
2025 | 2024 | 2025 | 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
Cash flows from investing activities | ||||
Net cash flow on acquisition of subsidiaries | (372,042) | (7,454) | (380,852) | (7,454) |
(Increase)/decrease in plasma investments | (1,202) | 468 | (1,148) | 901 |
(Increase)/decrease in investment securities at | ||||
fair value through profit or loss | (30,840) | 1,651 | (3,367) | 37,744 |
Increase in other non-financial assets | (48,154) | - | (49,006) | - |
Payments for property, plant and equipment | (516,221) | (740,120) | (1,025,847) | (1,523,139) |
Payments for bearer plants | (30,988) | (27,062) | (55,126) | (48,625) |
Decrease/(increase) in investment securities at fair value through other comprehensive income | 1,329 | (6,170) | (7,235) | (9,993) |
Investment income from investment securities | 11,393 | 15,287 | 21,531 | 28,201 |
Payments for investment in joint ventures | (7,511) | (1,691) | (11,037) | (10,694) |
Payments for investment in associates | (25,635) | (11,482) | (33,285) | (33,073) |
Payments for intangible assets | - | (55) | - | (128) |
Dividends received from joint ventures | - | - | 20,649 | 26,417 |
Dividends received from associates | 20,103 | 56,381 | 29,939 | 73,296 |
Proceeds from disposal of property, plant and equipment | 36,196 | 107,004 | 44,294 | 124,261 |
Proceeds from disposal of bearer plants | 1,424 | 148 | 1,892 | 698 |
Proceeds from disposal of joint ventures | 50 | - | 50 | - |
Proceeds from disposal of/dilution of interest in associates | 2,567 | 3,287 | 2,791 | 4,467 |
Net cash flow from disposal/liquidation | ||||
of subsidiaries | (178) | (120) | (178) | 1,161 |
Increase in net amounts due from related parties | (846) | (396) | (708) | (1,062) |
Increase in net amounts due from | ||||
joint ventures | (25,594) | (9,144) | (33,807) | (17,041) |
(Increase)/decrease in net amounts due from associates | (2,247) | (16,209) | (17,318) | 11,430 |
Decrease/(increase) in other financial assets | 612,339 | 244,296 | (1,363,371) | 1,439,074 |
Increase in other bank deposits with | ||||
maturity more than 3 months | (644,604) | (1,090,459) | (1,098,384) | (1,000,216) |
Net cash flow from acquisition of additional | ||||
The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
6 months | 6 months | 12 months | 12 months | |
ended 31 | ended 31 | ended 31 | ended 31 | |
December | December | December | December | |
2025 | 2024 | 2025 | 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
Cash flows from financing activities Decrease in advances from | ||||
non-controlling shareholders | (13,686) | (10,588) | (12,264) | (25,766) |
Payment of principal portion of lease liabilities | (43,877) | (38,092) | (84,951) | (79,947) |
Proceeds from/(repayment of) loans and borrowings | 164,052 | 1,369,939 | 290,301 | (2,820,094) |
Decrease in fixed deposits pledged | ||||
with financial institutions for bank facilities | 471,225 | 676,733 | 1,759,519 | 2,045,991 |
Interest paid | (23,384) | (31,478) | (47,673) | (58,563) |
Dividends paid by the Company | (194,154) | (285,305) | (663,285) | (796,310) |
Dividends paid to non-controlling shareholders | ||||
of subsidiaries | (36,837) | (17,301) | (53,225) | (69,683) |
Proceeds from issuance of shares by subsidiaries to non-controlling shareholders 8,934 4,133 12,531 12,808 | ||||
Net decrease in cash and cash equivalents (149,025) (237,224) (420,027) (1,338,030)
Cash and cash equivalents at the beginning
of the period/year 2,771,726 3,279,952 3,042,728 4,380,758
Cash and cash equivalents at the end of the period/year 2,622,701 3,042,728 2,622,701 3,042,728The accompanying explanatory notes form an integral part of the unaudited condensed interim consolidated financial statements.
1. CORPORATE INFORMATIONWilmar International Limited (the "Company") is a limited liability company, incorporated in Singapore and is listed on the Singapore Exchange Securities Trading Limited ("SGX-ST"). These unaudited condensed interim consolidated financial statements as at and for the six months and full year ended 31 December 2025 relate to the Company and its subsidiaries (collectively, the Group).
The registered office and principal place of business of the Company is located at 28 Biopolis Road, Wilmar International, Singapore 138568.
The principal activities of the Company are those of investment holding and the provision of management services to its subsidiaries, joint ventures and associates. The principal activities of the significant subsidiaries are disclosed in the Group's annual consolidated financial statements as at 31 December 2024.
-
BASIS OF PREPARATION
The unaudited condensed interim consolidated financial statements for the six months ended 31 December 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting issued by the Accounting and Corporate Regulatory Authority ("ACRA"). The unaudited condensed interim consolidated financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last unaudited condensed interim consolidated financial statements for the period ended 30 June 2025.
The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.
The unaudited condensed interim consolidated financial statements are presented in US Dollars ("USD" or "US$"), which is also the Company's functional currency, except when otherwise indicated. All values in the tables are rounded to the nearest thousand (US$'000) except when otherwise indicated.
- ADOPTION OF NEW AND AMENDED SFRS(I)
The accounting policies adopted are consistent with those of the previous financial year except that in the current financial period and year, the Group has adopted all the amendments to SFRS(I)s that are effective for annual financial periods beginning on or after 1 January 2025. The adoption of these amendments did not have any material effect on the financial performance or position of the Group and the Company.
2.2. USE OF JUDGEMENTS AND ESTIMATESIn preparing the unaudited condensed interim consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2024.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next interim period are disclosed below.
Impairment of goodwill and brands
The Group determines whether goodwill and brands are impaired on an annual basis or when there is an indication of impairment. This requires an estimation of the value in use of the cash-generating unit (or group of cash-generating units) to which the goodwill and brands are allocated. Estimating the value in use requires the Group to make an estimate of the expected future cash flows from the cash-generating unit (or group of cash-generating units) and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amounts of the Group's goodwill and brands as at 31 December 2025 were approximately US$5,507,034,000 (31 December 2024: US$3,619,426,000) and US$1,577,734,000 (31 December 2024: US$1,493,820,000)
respectively.
Income and deferred taxes
The Group has exposure to income taxes in various jurisdictions. Significant judgement is involved in determining the Group-wide provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amounts of the Group's income tax payables, deferred tax assets and deferred tax liabilities as at 31 December 2025 were approximately US$208,225,000 (31 December 2024: US$265,861,000), US$347,423,000 (31
December 2024: US$376,938,000) and US$488,069,000 (31 December 2024: US$437,975,000)
respectively. The carrying amount of the Company's deferred tax assets as at 31 December 2025 was
approximately US$3,392,000 (31 December 2024: US$Nil).
-
SEASONAL OPERATIONS
The Group's seasonal peak sales period is typically in the second half of the year.
-
PROFIT BEFORE TAX
-
The following items have been included in arriving at profit before tax:
Group
6 months
ended 31
6 months
ended 31
12 months
ended 31
12 months
ended 31
December
December
December
December
2025
2024
2025
2024
US$'000
US$'000
US$'000
US$'000
Depreciation and impairment loss of
property, plant and equipment and
bearer plants - net
(713,796)
(666,218)
(1,387,507)
(1,297,545)
Fair value gain on remeasurement arising from changes of interest
in an associate - net of foreign
exchange loss
1,140,231
-
1,140,231
-
Compensation payments and
provisions in relation to the
Group's Indonesia operations
(782,345)
-
(782,345)
-
Provisions made in relation to the
ongoing legal cases in China
(104,059)
-
(104,059)
-
Impairment loss on investment in
an associate
(54,333)
-
(54,333)
-
Provision for losses in relation to
an associated company
(95,667)
-
(95,667)
-
Amortisation of intangible assets
(190)
(821)
(398)
(1,226)
(Loss)/gain on disposal of joint
ventures and associates
(2,228)
101,518
(3,183)
101,690
(Loss)/gain on disposal of property,
plant and equipment
(1,132)
7,083
(3,338)
6,448
- Related party disclosures
-
The following items have been included in arriving at profit before tax:
Sale and purchase of goods and services
The following significant transactions between the Group and related parties took place on terms agreed between the parties during the financial period/year:
Group
6 months | 6 months | 12 months | 12 months | |
ended 31 December 2025 | ended 31 December 2024 | ended 31 December 2025 | ended 31 December 2024 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
Related parties | ||||
Purchase of goods | 584,415 | 955,529 | 1,056,727 | 1,410,919 |
Sale of goods | 59,252 | 137,120 | 116,809 | 209,879 |
Joint ventures | ||||
Purchase of goods | 486,399 | 459,631 | 952,941 | 836,350 |
Sale of goods | 430,943 | 477,398 | 708,159 | 772,085 |
-
PROFIT BEFORE TAX (CONTINUED)
4.2 Related party disclosures (continued)
Group
6 months
6 months
12 months
12 months
ended 31
December
2025
ended 31
December
2024
ended 31
December
2025
ended 31
December
2024
US$'000
US$'000
US$'000
US$'000
Associates
Purchase of goods
427,169
555,019
916,300
1,044,992
Sale of goods
1,552,951
1,473,666
2,638,352
2,565,603
INCOME TAX EXPENSE
The major components of income tax expense in the unaudited condensed interim consolidated income statement are:
Group
Deferred income tax related to other comprehensive income6 months
ended 31
6 months
ended 31
12 months
ended 31
12 months
ended 31
December
December
December
December
2025
2024
2025
2024
US$'000
US$'000
US$'000
US$'000
Consolidated income statement
Current income tax:
Current year
240,166
339,486
494,196
528,591
Under/(over) provision in prior
period/year
5,803
3,161
21,540
(384)
Withholding tax expenses
5,774
4,739
13,488
11,069
251,743
347,386
529,224
539,276
Deferred income tax:
Origination and reversal of temporary
differences
(13,240)
31,967
(20,178)
(17,403)
Under/(over) provision in prior
period/year
14,070
(9,430)
23,569
(5,235)
Income tax expense recognised in the
consolidated income statement
252,573
369,923
532,615
516,638
Net tax (credit)/charges in fair value of derivative financial instruments designated as cash flow hedges
and others (1,190) (8,402) 11,415 (2,154)
PROPERTY, PLANT AND EQUIPMENT
During the financial year, the Group acquired assets amounting to US$1,191,130,000 (2024: US$1,725,638,000) and disposed of assets amounting to US$47,632,000 (2024: US$117,813,000), resulting in a net loss on disposal of US$3,338,000 (2024: US$6,448,000 net gain on disposal).
During the six months ended 31 December 2025, the Group acquired assets amounting to US$625,617,000 (six months ended 31 December 2024: US$891,050,000) and disposed of assets amounting to US$37,328,000 (six months ended 31 December 2024: US$99,921,000), resulting in a net loss on disposal of US$1,132,000 (six months ended 31 December 2024: US$7,083,000 net gain on disposal).
DERIVATIVE FINANCIAL INSTRUMENTS
Group 31 December 2025 31 December 2024
Contract/ Notional
amount Assets Liabilities
Contract/ Notional
amount Assets Liabilities
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Forward currency contracts,
options, cross currency interest rate swaps and
forward freight contracts
17,864,716
174,275
129,562
20,140,264
289,461
199,700
Futures, options and swap contracts
11,609,721
400,475
218,928
10,742,236
471,968
535,421
Interest rate swap
6,221
-
2
198,876
781
435
Firm commitment contracts 4,729,870 112,883 59,074 5,576,960 125,728 163,612 Total derivative financial
instruments 687,633 407,566 887,938 899,168
Less: Current portion (659,157) (388,198) (870,321) (869,031)
Non-current portion 28,476 19,368 17,617 30,137
The Group classifies derivative financial instruments as financial assets/liabilities at fair value through profit or loss. The Group does not apply hedge accounting, except for those designated as hedges of commodity products and foreign exchange risk.
Certain derivative transactions that are not transacted on an exchange, are entered into under International Swaps and Derivatives Association (ISDA) Master Netting Agreements and Long Form Confirmations. In general, the amounts owed by each counterparty that are due on a single day in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs, all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions.
LOANS AND BORROWINGS
Group 31 December 2025 31 December 2024 Secured Unsecured Secured UnsecuredUS$'000 US$'000 US$'000 US$'000
Amount repayable in one
year or less, or on demand 1,279,540 22,160,041 1,145,132 20,577,614
Amount repayable after
one year 66,130 7,292,764 75,413 6,551,987
1,345,670 29,452,805 1,220,545 27,129,601
SHARE CAPITAL TREASURY SHARES
Share capital
Group Company
Number of shares Number of shares Issued and fully paid ordinary sharesAt 1 January 2024, 31 December 2024,
'000 US$'000 '000 US$'0001 January 2025 and 31 December 2025 6,403,402 8,458,995 6,403,402 8,895,134
The holders of ordinary shares, except for treasury shares, are entitled to receive dividends as and when declared by the Company. All ordinary shares, except for treasury shares, carry one vote per share without restrictions. The ordinary shares have no par value.
The Company has granted options to both directors and executives of the Group to subscribe for the
Company's ordinary shares.
As at 31 December 2025, the issued and paid up capital, excluding treasury shares, comprised 6,242,733,006 (31 December 2024: 6,242,733,006) ordinary shares.
Treasury shares
At 1 January 2024, 31 December 2024,
Group and Company Number of shares '000 US$'0001 January 2025 and 31 December 2025 (160,668) (475,372)
Treasury shares relate to ordinary shares of the Company that are held by the Company.
No shares were acquired during the financial year ended 31 December 2025 and 31 December 2024.
No options for ordinary shares were exercised during the financial year ended 31 December 2025 and 31 December 2024 pursuant to Wilmar ESOS 2019.
FAIR VALUE OF ASSETS AND LIABILITIES
Fair value of assets and liabilities that are carried at fair value
The following table shows an analysis of assets and liabilities carried at fair value by level of fair value hierarchy:
in active | Significant | |||
markets for identical | other observable | Significant unobservable | ||
instruments | inputs | inputs | ||
(Level 1) | (Level 2) | (Level 3) | Total | |
2025 | US$'000 | US$'000 | US$'000 | US$'000 |
Assets measured at fair value | ||||
Financial assets: | ||||
Investment securities at FVOCI | 53,143 | 204,033 | 27,628 | 284,804 |
Investment securities at FVPL | 312,526 | - | - | 312,526 |
Derivatives: | ||||
- Forward currency contracts, options, cross currency interest rate swaps | ||||
and forward freight contracts | - | 174,275 | - | 174,275 |
- Futures, options, swap contracts, | ||||
and firm commitment contracts | 305,505 | 207,853 | - | 513,358 |
At 31 December 2025 | 671,174 | 586,161 | 27,628 | 1,284,963 |
Non-financial assets: | ||||
Biological assets | - | - | 53,461 | 53,461 |
Investment properties | - | 17,822 | 668,384 | 686,206 |
At 31 December 2025 | - | 17,822 | 721,845 | 739,667 |
Liabilities measured at fair value | ||||
Financial liabilities: | ||||
Derivatives: | ||||
- Forward currency contracts, options, | ||||
cross currency interest rate swaps | ||||
and forward freight contracts | - | 129,562 | - | 129,562 |
- Futures, options, swap contracts, | ||||
interest rate swap and firm | ||||
commitment contracts | 143,543 | 134,461 | - | 278,004 |
At 31 December 2025 | 143,543 | 264,023 | - | 407,566 |
FAIR VALUE OF ASSETS AND LIABILITIES (CONTINUED)
Fair value of assets and liabilities that are carried at fair value (continued)
Group
Quoted prices
in active
Significant
markets for
other
Significant
identical
instruments
observable
inputs
unobservable
inputs
(Level 1)
(Level 2)
(Level 3)
Total
2024
US$'000
US$'000
US$'000
US$'000
Assets measured at fair value
Financial assets:
Investment securities at FVOCI
65,340
192,979
28,534
286,853
Investment securities at FVPL
254,899
-
-
254,899
Derivatives:
- Forward currency contracts, options,
cross currency interest rate swaps
and forward freight contracts
-
289,461
-
289,461
- Futures, options, swap contracts,
interest rate swap and
firm commitment contracts
386,278
212,199
-
598,477
At 31 December 2024
706,517
694,639
28,534
1,429,690
Non-financial assets:
Biological assets
-
-
69,966
69,966
Investment properties
-
17,774
281,443
299,217
At 31 December 2024
-
17,774
351,409
369,183
Liabilities measured at fair value
Financial liabilities:
Derivatives:
- Forward currency contracts, options,
cross currency interest rate swaps
and forward freight contracts
-
199,700
-
199,700
- Futures, options, swap contracts,
interest rate swap and firm
commitment contracts
439,339
260,129
-
699,468
At 31 December 2024
439,339
459,829
-
899,168
Fair value hierarchy
The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date,
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices), and
Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
FAIR VALUE OF ASSETS AND LIABILITIES (CONTINUED)
Fair value of assets and liabilities that are carried at fair value (continued)
Methods and assumptions used to determine fair values
The methods and assumptions used by management to determine fair values of assets and liabilities other than those whose carrying amounts reasonably approximate their fair values are as follows:
Assets and liabilities Methods and assumptionsQuoted equity instruments Fair value is determined directly by reference to their
published market bid price at the balance sheet date.
Investment funds The fair value is determined by reference to valuation provided by non-related fund managers using adjusted net asset value method.
Unquoted equity instruments The fair value is derived using valuation methods which
include earnings multiple approach and discounted cash flows.
Forward currency contracts Fair value of forward currency contracts is calculated by
reference to current forward exchange rates for contracts with similar maturity profiles.
Futures, options and swap contracts, Where available, quoted market prices are used as a
interest rate swap, forward freight contracts and firm commitment contracts
measure of fair values for the outstanding contracts. Where the quoted market prices are not available, the fair values are based on management's best estimate and are arrived at by reference to the market prices of another contract that is substantially similar.
Biological assets Fair value of biological assets has been determined based on the market price and the estimated yield of fresh fruit bunches (FFB), net of maintenance and harvesting costs, overhead costs and estimated cost to sell.
Investment properties The fair value of investment property is based on
current and estimated future rental income generated, and market price from comparable properties.
10. FAIR VALUE OF ASSETS AND LIABILITIES (CONTINUED)
Fair value of assets and liabilities that are carried at fair value (continued)
Movements in Level 3 assets and liabilities measured at fair value
The following table presents the reconciliation for all assets and liabilities measured at fair value based on significant unobservable inputs (Level 3).
Group
Investment securities | Biological assets | Investment properties | Total | |
US$'000 | US$'000 | US$'000 | US$'000 | |
At 1 January 2024 | 122,747 | 45,458 | 248,304 | 416,509 |
Total gain recognised in the consolidated income statement: - Net gain arising from changes in fair value of biological assets | - | 25,390 | - | 25,390 |
Additions | 4,576 | - | 273 | 4,849 |
Disposals | - | - | (13,293) | (13,293) |
Transfer from property, plant and equipment and right-of-use assets | - | - | 70,742 | 70,742 |
Transfer to level 2 | - | - | (19,960) | (19,960) |
Transfer to investment in associates | (92,558) | - | - | (92,558) |
Total (loss)/gain recognised in other comprehensive income: - Net (loss)/gain arising from changes in fair value | (1,179) | - | 2,107 | 928 |
- Foreign currency translation | (5,052) | (882) | (6,730) | (12,664) |
At 31 December 2024 | 28,534 | 69,966 | 281,443 | 379,943 |
At 1 January 2025 | 28,534 | 69,966 | 281,443 | 379,943 |
Total (loss)/gain recognised in the consolidated income statement: | ||||
- Net loss arising from changes in fair value of biological assets | - | (17,203) | - | (17,203) |
- Net gain arising from changes in fair value of investment properties | - | - | 543 | 543 |
Additions | 2,152 | - | 11,244 | 13,396 |
Disposals | (55) | - | - | (55) |
Transfer from property, plant and equipment and right-of-use assets | - | - | 361,140 | 361,140 |
Total (loss)/gain recognised in other comprehensive income:
- Net (loss)/gain arising from changes
in fair value | (3,081) | - | 1,137 | (1,944) |
- Foreign currency translation | 78 | 698 | 12,877 | 13,653 |
At 31 December 2025 | 27,628 | 53,461 | 668,384 | 749,473 |
There has been no transfer of investment securities from Level 1 and Level 2 to Level 3 for the financial year ended 31 December 2025 and 31 December 2024.
There has been transfer of an investment property from Level 3 to Level 2 for the financial year ended 31 December 2024 based on market price valuation.
FAIR VALUE OF ASSETS AND LIABILITIES (CONTINUED)
Fair value of assets and liabilities that are carried at fair value (continued)
Impact of changes to key assumptions Level 3 fair value measurement of financial instruments
The following table shows the impact on Level 3 fair value measurement of financial instruments by using reasonably possible alternative assumptions:
Group 31 December 2025 31 December 2024
US$'000 US$'000
Effect of
Effect of
reasonably
reasonably
possible
possible
Carrying
alternative
Carrying
alternative
amount
assumptions
amount
assumptions
Investment securities
- Unquoted equity instruments
27,628
(i)
28,534
(i)
The fair value of unquoted equity instruments was determined using valuation methods which included the earnings multiple approach and discounted cash flow approach.
SEGMENT AND REVENUE INFORMATION
Reporting format
For management purposes, the Group is organised into reporting segments based on the types of products and services, and has four reportable operating segments as follows:
Food Products
This segment comprises the processing, branding and distribution of a wide range of edible food products including vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery and dairy products, ready-to-eat meals and central kitchen products. These food products are sold in either consumer and medium packaging or in bulk.
Feed and Industrial Products
This segment comprises the processing, merchandising and distribution of products, which includes animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil and biodiesel.
Plantation and Sugar Milling
This segment comprises oil palm plantation and sugar milling activities, which includes the cultivation and milling of palm oil and sugarcane, as well as the production of compound fertilisers.
Others
This segment includes logistics and jetty port services and investment activities.
Except as indicated above, no operating segments have been aggregated to form the above reportable operating segments.
Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain aspects, is measured differently from operating profit or loss in the consolidated financial statements. Group income taxes are managed on a group basis and are not allocated to operating segments.
Allocation basis and transfer pricing
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly income tax, deferred tax assets and liabilities, tax recoverables, certain loans and borrowings, certain provisions and share-based payments.
Inter-segment sales took place on terms agreed between the various business segments. Segment revenue, expenses and results include transfers between business segments. These transfers are eliminated on consolidation.
11. SEGMENT AND REVENUE INFORMATION (CONTINUED)Food Products
Feed and Industrial Products
Plantation
and
Sugar Milling Others Eliminations
Per Consolidated
Financial Statements
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
6 months ended 31 December 2025
Revenue: | ||||||
Sales to external | ||||||
customers | 16,217,251 | 20,308,002 | 900,566 | 97,972 | - | 37,523,791 |
Inter-segment | 346,834 | 2,290,609 | 1,092,521 | 135,161 | (3,865,125) | - |
Total revenue | 16,564,085 | 22,598,611 | 1,993,087 | 233,133 | (3,865,125) | 37,523,791 |
Results: | ||||||
Segment results | 254,035 | 479,350 | 154,458 | 36,576 | - | 924,419 |
Share of results of | ||||||
joint ventures | 8,118 | 15,401 | 301 | 654 | - | 24,474 |
Share of results of associates | 127,176 | (20,553) | 18,963 | (7,167) | - | 118,419 |
Unallocated expenses | 84,838 | |||||
Profit before tax | 1,152,150 | |||||
Income tax expense | (252,573) | |||||
Profit for the period | 899,577 | |||||
Food Products
Feed and Industrial Products
Plantation
and
Sugar Milling Others Eliminations
Per Consolidated
Financial Statements
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
6 months ended 31 December 2024
Revenue: | ||||||
Sales to external | ||||||
customers | 14,863,394 | 20,580,707 | 911,040 | 89,332 | - | 36,444,473 |
Inter-segment | 305,713 | 2,685,705 | 1,132,378 | 126,076 | (4,249,872) | - |
Total revenue | 15,169,107 | 23,266,412 | 2,043,418 | 215,408 | (4,249,872) | 36,444,473 |
Results: | ||||||
Segment results | 355,823 | 295,440 | 215,263 | 20,928 | - | 887,454 |
Share of results of | ||||||
joint ventures Share of results of | 15,550 | (7,473) | 190 | 848 | - | 9,115 |
associates | 72,778 | 13,562 | 28,173 | 13,098 | - | 127,611 |
Unallocated expenses | (21,257) | |||||
Profit before tax | 1,002,923 | |||||
Income tax expense | (369,923) | |||||
Profit for the period | 633,000 | |||||
Food Products
Feed and Industrial Products
Plantation
and
Sugar Milling Others Eliminations
Per Consolidated
Financial Statements
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
12 months ended 31 December 2025
Revenue: | ||||||
Sales to external customers | 30,192,072 | 38,537,221 | 1,511,944 | 174,461 | - | 70,415,698 |
Inter-segment | 693,721 | 4,334,573 | 2,009,613 | 255,334 | (7,293,241) | - |
Total revenue | 30,885,793 | 42,871,794 | 3,521,557 | 429,795 | (7,293,241) | 70,415,698 |
Results: | ||||||
Segment results | 449,705 | 860,999 | 356,465 | 19,741 | - | 1,686,910 |
Share of results of joint ventures | 37,389 | 48,969 | 423 | 1,054 | - | 87,835 |
Share of results of associates | 175,993 | 9,855 | 47,696 | 17,984 | - | 251,528 |
Unallocated expenses | 63,542 | |||||
Profit before tax | 2,089,815 | |||||
Income tax expense | (532,615) | |||||
Profit for the year | 1,557,200 | |||||
Assets and Liabilities: (As at 31 December 2025) | ||||||
Segment assets | 27,373,998 | 22,771,334 | 5,854,261 | 10,937,011 | (5,622,059) | 61,314,545 |
Investment in joint ventures | 277,318 | 361,819 | 3,095 | 4,053 | - | 646,285 |
Investment in | ||||||
associates | 1,543,685 | 650,037 | 424,713 | 480,086 | - | 3,098,521 |
Unallocated assets | 582,424 | |||||
Total assets | 65,641,775 | |||||
Segment liabilities | 18,224,295 | 14,117,236 | 1,149,872 | 11,680,281 | (5,622,059) | 39,549,625 |
Unallocated liabilities | 1,031,307 | |||||
Total liabilities | 40,580,932 |