Wilmar International Limited reported a net profit of US$265.6 million for the quarter ended 31 March 2026, down 22.8 percent year-on-year, as temporary unrealised mark-to-market losses on commodity hedges and weaker associate contributions offset solid top-line growth.

Revenue rose 21.9 percent YoY to US$19.75 billion, supported by the first full-quarter consolidation of India-listed subsidiary AWL Agri Business, which helped lift overall sales volume 14.9 percent to 26.2 million tonnes. No dividend was declared for the period.

Breaking down operations, Food Products volume jumped 22.3 percent YoY to 10.3 million tonnes, driven by a 44.4 percent surge in consumer products and a 12.8 percent rise in medium pack and bulk sales. Feed & Industrial Products volume grew 11.7 percent to 15.9 million tonnes, with Tropical Oils, Oilseeds and Grains, and Sugar posting growth of 4.9 percent, 18.2 percent and 12.5 percent respectively. Excluding AWL, group volume and revenue would still have risen 7.7 percent and 7.6 percent YoY.

Headwinds during the quarter included volatile commodity prices linked to the Iran war, which resulted in hedging-related valuation losses expected to unwind in subsequent periods. Lower palm oil prices, reduced plantation output and softer sugar margins further pressured earnings, while contributions from associates and joint ventures in China, Europe and Southeast Asia declined.

Strategically, the group continued to integrate AWL, positioning FY2026 as the first full year of consolidated results. Operating cash flow before working-capital changes increased 18.7 percent to US$1.11 billion, and net debt fell to US$18.56 billion, improving the net gearing ratio to 0.84 times as at 31 March 2026.

Management said the remainder of the year will hinge on geopolitical developments and global trade policies, but expressed confidence that the group’s integrated model and diversified portfolio will support “steady returns” despite near-term market volatility.