Wilmar Intl F34
Financials
ANNUAL REPORT 2025
Explore the statements
21 tablesConsolidated Income Statement
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueUS$’000 | 70,415,698 | 67,379,083 | PDF p. 121 |
| Cost of salesUS$’000 | (64,619,928) | (62,168,298) | PDF p. 121 |
| Gross profitUS$’000 | 5,795,770 | 5,210,785 | PDF p. 121 |
| Other items of income | |||
| Net (loss)/gain arising from changes in fair value of biological assetsUS$’000 | (17,203) | 25,390 | PDF p. 121 |
| Finance incomeUS$’000 | 314,273 | 395,682 | PDF p. 121 |
| Other operating incomeUS$’000 | 288,385 | 400,594 | PDF p. 121 |
| Other items of expense | |||
| Selling and distribution expensesUS$’000 | (2,234,800) | (1,953,444) | PDF p. 121 |
| Administrative expensesUS$’000 | (1,187,438) | (1,160,377) | PDF p. 121 |
| Other operating expensesUS$’000 | (265,682) | (175,191) | PDF p. 121 |
| Finance costsUS$’000 | (1,077,353) | (1,202,990) | PDF p. 121 |
| Non-operating itemsUS$’000 | 134,500 | (15,234) | PDF p. 121 |
| Share of results of joint venturesUS$’000 | 87,835 | 40,753 | PDF p. 121 |
| Share of results of associatesUS$’000 | 251,528 | 179,138 | PDF p. 121 |
| Income statement | |||
| Profit before taxUS$’000 | 2,089,815 | 1,745,106 | PDF p. 121 |
| Income tax expenseUS$’000 | (532,615) | (516,638) | PDF p. 121 |
| Profit after taxUS$’000 | 1,557,200 | 1,228,468 | PDF p. 121 |
| Attributable to | |||
| Owners of the CompanyUS$’000 | 1,410,872 | 1,169,814 | PDF p. 121 |
| Non-controlling interestsUS$’000 | 146,328 | 58,654 | PDF p. 121 |
| SubtotalUS$’000 | 1,557,200 | 1,228,468 | PDF p. 121 |
| Earnings per share attributable to owners of the Company | |||
| – BasicUS cents per share | 22.6 | 18.7 | PDF p. 121 |
| – DilutedUS cents per share | 22.6 | 18.7 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
The statement is titled “CONSOLIDATED INCOME STATEMENT” and dated “For the Financial Year Ended 31 December 2025”.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The printed row notes are retained in the original_label/quote fields. The statement contains no separate adjusted profit figures.
Consolidated Statement of Comprehensive Income
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit after taxUS$’000 | 1,557,200 | 1,228,468 | PDF p. 122 |
| 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 incomeUS$’000 | (13,899) | (56,151) | PDF p. 122 |
| Revaluation of property, plant and equipment upon transfer to investment propertiesUS$’000 | 853 | 1,658 | PDF p. 122 |
| (Loss)/gain on remeasurement of defined benefit plansUS$’000 | (7,070) | 3,458 | PDF p. 122 |
| SubtotalUS$’000 | (20,116) | (51,035) | PDF p. 122 |
| Other comprehensive income: Items that may be reclassified subsequently to consolidated income statement | |||
| Foreign currency translationUS$’000 | 1,291,355 | (718,663) | PDF p. 122 |
| Fair value change on cash flow hedgesUS$’000 | 37,408 | (22,663) | PDF p. 122 |
| Fair value change on forward elements of forward currency contractsUS$’000 | 10,412 | 31,755 | PDF p. 122 |
| SubtotalUS$’000 | 1,339,175 | (709,571) | PDF p. 122 |
| Comprehensive income | |||
| Other comprehensive income, net of taxUS$’000 | 1,319,059 | (760,606) | PDF p. 122 |
| Total comprehensive income for the yearUS$’000 | 2,876,259 | 467,862 | PDF p. 122 |
| Attributable to | |||
| Owners of the CompanyUS$’000 | 2,638,401 | 450,481 | PDF p. 122 |
| Non-controlling interestsUS$’000 | 237,858 | 17,381 | PDF p. 122 |
| SubtotalUS$’000 | 2,876,259 | 467,862 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
The statement is titled “CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME” and dated “For the Financial Year Ended 31 December 2025”.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Balance Sheets
48 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets: Non-current assets | |||||
| Property, plant and equipmentUS$’000 | 16,329,313 | 15,619,489 | 105,840 | 109,998 | PDF p. 123 |
| Investment propertiesUS$’000 | 686,206 | 299,217 | – | – | PDF p. 123 |
| Bearer plantsUS$’000 | 568,257 | 542,092 | – | – | PDF p. 123 |
| Intangible assetsUS$’000 | 7,090,348 | 5,119,096 | – | – | PDF p. 123 |
| Investment in subsidiariesUS$’000 | – | – | 17,559,047 | 17,526,276 | PDF p. 123 |
| Investment in joint venturesUS$’000 | 646,285 | 501,087 | – | – | PDF p. 123 |
| Investment in associatesUS$’000 | 3,098,521 | 3,197,702 | 13,677 | 13,677 | PDF p. 123 |
| Investment securitiesUS$’000 | 284,804 | 286,853 | – | – | PDF p. 123 |
| Deferred tax assetsUS$’000 | 347,423 | 376,938 | 3,392 | – | PDF p. 123 |
| Derivative financial instrumentsUS$’000 | 28,476 | 17,617 | – | – | PDF p. 123 |
| Other financial assetsUS$’000 | 362,455 | 145,306 | 35,585 | 35,585 | PDF p. 123 |
| Other non-financial assetsUS$’000 | 110,699 | 53,361 | – | – | PDF p. 123 |
| Other bank depositsUS$’000 | 8,249 | 201,766 | – | – | PDF p. 123 |
| SubtotalUS$’000 | 29,561,036 | 26,360,524 | 17,717,541 | 17,685,536 | PDF p. 123 |
| Assets: Current assets | |||||
| InventoriesUS$’000 | 14,652,606 | 12,989,327 | – | – | PDF p. 123 |
| Trade receivablesUS$’000 | 7,351,231 | 7,553,220 | – | – | PDF p. 123 |
| Other financial assetsUS$’000 | 4,273,358 | 3,088,136 | 807,794 | 541,702 | PDF p. 123 |
| Other non-financial assetsUS$’000 | 1,486,638 | 1,335,787 | 8,224 | 10,776 | PDF p. 123 |
| Derivative financial instrumentsUS$’000 | 659,157 | 870,321 | 270 | 636 | PDF p. 123 |
| Investment securitiesUS$’000 | 312,526 | 254,899 | – | – | PDF p. 123 |
| Other bank depositsUS$’000 | 4,455,503 | 3,913,883 | – | – | PDF p. 123 |
| Cash and bank balancesUS$’000 | 2,889,720 | 3,206,073 | 6,049 | 2,630 | PDF p. 123 |
| SubtotalUS$’000 | 36,080,739 | 33,211,646 | 822,337 | 555,744 | PDF p. 123 |
| Assets | |||||
| TOTAL ASSETSUS$’000 | 65,641,775 | 59,572,170 | 18,539,878 | 18,241,280 | PDF p. 123 |
| Equity and liabilities: Current liabilities | |||||
| Trade payablesUS$’000 | 4,885,177 | 4,011,260 | – | – | PDF p. 123 |
| Other financial liabilitiesUS$’000 | 2,510,422 | 2,075,614 | 434,249 | 359,282 | PDF p. 123 |
| Other non-financial liabilitiesUS$’000 | 696,636 | 617,314 | – | – | PDF p. 123 |
| Derivative financial instrumentsUS$’000 | 388,198 | 869,031 | 246 | 337 | PDF p. 123 |
| Loans and borrowingsUS$’000 | 23,439,581 | 21,722,746 | – | – | PDF p. 123 |
| Income tax payableUS$’000 | 208,225 | 265,861 | – | – | PDF p. 123 |
| SubtotalUS$’000 | 32,128,239 | 29,561,826 | 434,495 | 359,619 | PDF p. 123 |
| Balance sheet | |||||
| NET CURRENT ASSETSUS$’000 | 3,952,500 | 3,649,820 | 387,842 | 196,125 | PDF p. 123 |
| Equity and liabilities: Non-current liabilities | |||||
| Other financial liabilitiesUS$’000 | 287,389 | 248,988 | 8,865,000 | 8,565,000 | PDF p. 124 |
| Other non-financial liabilitiesUS$’000 | 298,973 | 274,184 | – | – | PDF p. 124 |
| Derivative financial instrumentsUS$’000 | 19,368 | 30,137 | – | – | PDF p. 124 |
| Loans and borrowingsUS$’000 | 7,358,894 | 6,627,400 | 63,859 | 64,043 | PDF p. 124 |
| Deferred tax liabilitiesUS$’000 | 488,069 | 437,975 | – | – | PDF p. 124 |
| SubtotalUS$’000 | 8,452,693 | 7,618,684 | 8,928,859 | 8,629,043 | PDF p. 124 |
| Equity and liabilities | |||||
| TOTAL LIABILITIESUS$’000 | 40,580,932 | 37,180,510 | 9,363,354 | 8,988,662 | PDF p. 124 |
| NET ASSETSUS$’000 | 25,060,843 | 22,391,660 | 9,176,524 | 9,252,618 | PDF p. 124 |
| Equity attributable to owners of the Company | |||||
| Share capitalUS$’000 | 8,458,995 | 8,458,995 | 8,895,134 | 8,895,134 | PDF p. 124 |
| Treasury sharesUS$’000 | (475,372) | (475,372) | (475,372) | (475,372) | PDF p. 124 |
| Retained earningsUS$’000 | 14,907,806 | 14,225,308 | 513,290 | 598,896 | PDF p. 124 |
| Other reservesUS$’000 | (1,026,159) | (2,348,197) | 243,472 | 233,960 | PDF p. 124 |
| SubtotalUS$’000 | 21,865,270 | 19,860,734 | 9,176,524 | 9,252,618 | PDF p. 124 |
| Equity | |||||
| Non-controlling interestsUS$’000 | 3,195,573 | 2,530,926 | – | – | PDF p. 124 |
| TOTAL EQUITYUS$’000 | 25,060,843 | 22,391,660 | 9,176,524 | 9,252,618 | PDF p. 124 |
| Equity and liabilities | |||||
| TOTAL EQUITY AND LIABILITIESUS$’000 | 65,641,775 | 59,572,170 | 18,539,878 | 18,241,280 | PDF p. 124 |
Definitions & sources
Original report: PDF p. 123 ↗ PDF p. 124 ↗
The balance sheet is dated “As at 31 December 2025”. The printed columns are Group and Company, each with 2025 and 2024, in US$’000.
Balance Sheets continues from physical page 123 onto physical page 124. Unlabelled subtotals are retained with empty original_label.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Cash Flow Statement
70 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxUS$’000 | 2,089,815 | 1,745,106 | PDF p. 128 |
| Cash flows from operating activities — Adjustments for | |||
| Net loss/(gain) arising from changes in fair value of biological assetsUS$’000 | 17,203 | (25,390) | PDF p. 128 |
| Depreciation of bearer plantsUS$’000 | 44,400 | 43,441 | PDF p. 128 |
| Depreciation of property, plant and equipmentUS$’000 | 1,343,107 | 1,254,104 | PDF p. 128 |
| Fair value loss on investment propertiesUS$’000 | 197 | 1,665 | PDF p. 128 |
| Loss/(gain) on disposal of joint ventures and associatesUS$’000 | 3,183 | (101,690) | PDF p. 128 |
| Fair value loss arising from changes in interest in a joint venture resulting in change of controlUS$’000 | 817 | – | PDF p. 128 |
| Fair value gain on remeasurement arising from changes in interest in an associate – net of foreign exchange lossUS$’000 | (1,140,231) | – | PDF p. 128 |
| Amortisation of intangible assetsUS$’000 | 398 | 1,226 | PDF p. 128 |
| Loss/(gain) on disposal of property, plant and equipmentUS$’000 | 3,338 | (6,448) | PDF p. 128 |
| Gain on disposal of biological assetsUS$’000 | (457) | (58) | PDF p. 128 |
| Loss/(gain) on disposal/liquidation of subsidiariesUS$’000 | 8,231 | (826) | PDF p. 128 |
| Gain on disposal of investment securities at fair value through profit or lossUS$’000 | (1,748) | (3,473) | PDF p. 128 |
| Grant of share options to employeesUS$’000 | 40,285 | 37,404 | PDF p. 128 |
| Net fair value (gain)/loss on derivative financial instrumentsUS$’000 | (199,304) | 191,277 | PDF p. 128 |
| Net fair value gain on investment securities at fair value through profit or lossUS$’000 | (48,291) | (5,593) | PDF p. 128 |
| Foreign exchange differences arising from translationUS$’000 | 144,106 | 76,060 | PDF p. 128 |
| Impairment loss on investment in an associateUS$’000 | 54,333 | – | PDF p. 128 |
| Investment income from investment securitiesUS$’000 | (21,531) | (28,201) | PDF p. 128 |
| Interest expenseUS$’000 | 1,106,806 | 1,237,485 | PDF p. 128 |
| Interest incomeUS$’000 | (314,273) | (395,682) | PDF p. 128 |
| Share of results of joint venturesUS$’000 | (87,835) | (40,753) | PDF p. 128 |
| Share of results of associatesUS$’000 | (251,528) | (179,138) | PDF p. 128 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changesUS$’000 | 2,791,021 | 3,800,516 | PDF p. 128 |
| Cash flows from operating activities — Changes in working capital | |||
| Increase in inventoriesUS$’000 | (499,438) | (1,165,570) | PDF p. 128 |
| Decrease/(increase) in trade receivables and other assetsUS$’000 | 235,110 | (1,280,862) | PDF p. 128 |
| Increase in trade payables and other liabilitiesUS$’000 | 1,141,513 | 1,094,527 | PDF p. 128 |
| Cash flows from operating activities | |||
| Cash flows generated from operationsUS$’000 | 3,668,206 | 2,448,611 | PDF p. 128 |
| Interest paidUS$’000 | (1,133,435) | (1,152,296) | PDF p. 128 |
| Interest receivedUS$’000 | 404,652 | 511,874 | PDF p. 128 |
| Income taxes paidUS$’000 | (577,625) | (436,418) | PDF p. 128 |
| Net cash flows generated from operating activitiesUS$’000 | 2,361,798 | 1,371,771 | PDF p. 128 |
| Cash flows from investing activities | |||
| Net cash flow on acquisition of subsidiariesUS$’000 | (380,852) | (7,454) | PDF p. 129 |
| (Increase)/decrease in plasma investmentsUS$’000 | (1,148) | 901 | PDF p. 129 |
| (Increase)/decrease in investment securities at fair value through profit or lossUS$’000 | (3,367) | 37,744 | PDF p. 129 |
| Increase in other non-financial assetsUS$’000 | (49,006) | – | PDF p. 129 |
| Payments for property, plant and equipmentUS$’000 | (1,025,847) | (1,523,139) | PDF p. 129 |
| Payments for bearer plantsUS$’000 | (55,126) | (48,625) | PDF p. 129 |
| Increase in investment securities at fair value through other comprehensive incomeUS$’000 | (7,235) | (9,993) | PDF p. 129 |
| Investment income from investment securitiesUS$’000 | 21,531 | 28,201 | PDF p. 129 |
| Payments for investment in joint venturesUS$’000 | (11,037) | (10,694) | PDF p. 129 |
| Payments for investment in associatesUS$’000 | (33,285) | (33,073) | PDF p. 129 |
| Payments for intangible assetsUS$’000 | – | (128) | PDF p. 129 |
| Dividends received from joint venturesUS$’000 | 20,649 | 26,417 | PDF p. 129 |
| Dividends received from associatesUS$’000 | 29,939 | 73,296 | PDF p. 129 |
| Proceeds from disposal of property, plant and equipmentUS$’000 | 44,294 | 124,261 | PDF p. 129 |
| Proceeds from disposal of bearer plantsUS$’000 | 1,892 | 698 | PDF p. 129 |
| Proceeds from disposal of joint venturesUS$’000 | 50 | – | PDF p. 129 |
| Proceeds from disposal of/dilution of interest in associatesUS$’000 | 2,791 | 4,467 | PDF p. 129 |
| Net cash flow from disposal/liquidation of subsidiariesUS$’000 | (178) | 1,161 | PDF p. 129 |
| Increase in net amounts due from related partiesUS$’000 | (708) | (1,062) | PDF p. 129 |
| Increase in net amounts due from joint venturesUS$’000 | (33,807) | (17,041) | PDF p. 129 |
| (Increase)/decrease in net amounts due from associatesUS$’000 | (17,318) | 11,430 | PDF p. 129 |
| (Increase)/decrease in other financial assetsUS$’000 | (1,363,371) | 1,439,074 | PDF p. 129 |
| Increase in other bank deposits with maturity more than 3 monthsUS$’000 | (1,098,384) | (1,000,216) | PDF p. 129 |
| Net cash flow from acquisition of additional interest in subsidiariesUS$’000 | (23,280) | (14,628) | PDF p. 129 |
| Proceeds from dilution of interest in subsidiariesUS$’000 | 25 | 166 | PDF p. 129 |
| Net cash flows used in investing activitiesUS$’000 | (3,982,778) | (918,237) | PDF p. 129 |
| Cash flows from financing activities | |||
| Decrease in advances from non-controlling shareholdersUS$’000 | (12,264) | (25,766) | PDF p. 129 |
| Payment of principal portion of lease liabilitiesUS$’000 | (84,951) | (79,947) | PDF p. 129 |
| Proceeds from/(repayment of) loans and borrowingsUS$’000 | 290,301 | (2,820,094) | PDF p. 129 |
| Decrease in fixed deposits pledged with financial institutions for bank facilitiesUS$’000 | 1,759,519 | 2,045,991 | PDF p. 129 |
| Interest paidUS$’000 | (47,673) | (58,563) | PDF p. 129 |
| Dividends paid by the CompanyUS$’000 | (663,285) | (796,310) | PDF p. 129 |
| Dividends paid to non-controlling shareholders of subsidiariesUS$’000 | (53,225) | (69,683) | PDF p. 129 |
| Proceeds from issuance of shares by subsidiaries to non-controlling shareholdersUS$’000 | 12,531 | 12,808 | PDF p. 129 |
| Net cash flows generated from/(used in) financing activitiesUS$’000 | 1,200,953 | (1,791,564) | PDF p. 129 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalentsUS$’000 | (420,027) | (1,338,030) | PDF p. 129 |
| Cash and cash equivalents at the beginning of the yearUS$’000 | 3,042,728 | 4,380,758 | PDF p. 129 |
| Cash and cash equivalents at the end of the yearUS$’000 | 2,622,701 | 3,042,728 | PDF p. 129 |
Definitions & sources
Original report: PDF p. 128 ↗ PDF p. 129 ↗
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Financial Highlights
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025FY2025 | 2024FY2024 | 2023FY2023 | 2022FY2022 | 2021FY2021 | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| RevenueUS$ million | 70,416 | 67,379 | 67,155 | 73,399 | 65,794 | PDF p. 20 |
| EBITDAUS$ million | 4,270 | 3,886 | 3,963 | 4,734 | 4,172 | PDF p. 20 |
| Profit before taxUS$ million | 2,090 | 1,745 | 1,956 | 3,117 | 2,766 | PDF p. 20 |
| Net profitUS$ million | 1,411 | 1,170 | 1,525 | 2,402 | 1,890 | PDF p. 20 |
| Per-share data | ||||||
| Earnings per share – fully diluted (US cents)US cents | 22.6 | 18.7 | 24.4 | 38.3 | 29.9 | PDF p. 20 |
| Dividends | ||||||
| Dividend per share (Singapore cents)Singapore cents | 14.0 | 16.0 | 17.0 | 17.0 | 15.5 | PDF p. 20 |
| Ratios and dividends | ||||||
| Dividend payout ratio on net profit (%)#% | 49 | 64 | 52 | 33 | 38 | PDF p. 20 |
| Cash Flow | ||||||
| Operating cash flows before working capital changesUS$ million | 2,791 | 3,801 | 2,953 | 3,951 | 3,994 | PDF p. 20 |
| Working capital changesUS$ million | 877 | (1,352) | 2,194 | (778) | (3,100) | PDF p. 20 |
| Capital expenditureUS$ million | 1,081 | 1,572 | 2,211 | 2,483 | 2,527 | PDF p. 20 |
| Acquisition of subsidiaries, joint ventures and associatesUS$ million | 448 | 66 | 298 | 141 | 81 | PDF p. 20 |
| Balance Sheet | ||||||
| Shareholders’ fundsUS$ million | 21,865 | 19,861 | 20,173 | 19,986 | 19,924 | PDF p. 20 |
| Total assetsUS$ million | 65,642 | 59,572 | 61,809 | 60,402 | 58,718 | PDF p. 20 |
| Total liabilitiesUS$ million | 40,581 | 37,181 | 39,057 | 37,801 | 36,116 | PDF p. 20 |
| Net loans and borrowingsUS$ million | 19,958 | 18,638 | 17,652 | 18,747 | 17,238 | PDF p. 20 |
| Ratios | ||||||
| Net gearing (x)x | 0.91 | 0.94 | 0.88 | 0.94 | 0.87 | PDF p. 20 |
| Balance Sheet | ||||||
| Adjusted net loans and borrowingsUS$ million | 7,343 | 6,551 | 7,478 | 6,085 | 5,349 | PDF p. 20 |
| Ratios | ||||||
| Adjusted net gearing (x)x | 0.34 | 0.33 | 0.37 | 0.30 | 0.27 | PDF p. 20 |
| Per-share data | ||||||
| Net asset per share (US cents)US cents | 350.3 | 318.1 | 323.1 | 320.2 | 316.5 | PDF p. 20 |
| Net tangible assets per share (US cents)US cents | 287.9 | 276.7 | 279.8 | 275.5 | 273.4 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
Note: Segmental breakdown calculation excludes unallocated segment, changes in fair value of biological assets and impairment of property, plant and equipment. # FY2025 dividend payout ratio on net profit is estimated based on number of shares outstanding as at 31 January 2026.
Return on Average Equity
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Ratios | ||||||
| RETURN ON AVERAGE EQUITY (%)% | 6.8 | 5.8 | 7.6 | 12.0 | 9.7 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Original PDF p21 year-axis and bar-top number individually bound by source coordinates; return on average equity, %.
Statements of Changes in Equity — Group — 2025
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Treasury shares | 2025Group — Retained earnings | 2025Group — Other reserves | 2025Group — Equity attributable to owners of the Company, total | 2025Group — Non-controlling interests | 2025Group — Equity total | Source |
|---|---|---|---|---|---|---|---|---|
| 2025 — Group | ||||||||
| Opening balance at 1 January 2025US$’000 | 8,458,995 | (475,372) | 14,225,308 | (2,348,197) | 19,860,734 | 2,530,926 | 22,391,660 | PDF p. 125 |
| Profit for the yearUS$’000 | – | – | 1,410,872 | – | 1,410,872 | 146,328 | 1,557,200 | PDF p. 125 |
| Other comprehensive income for the yearUS$’000 | – | – | – | 1,227,529 | 1,227,529 | 91,530 | 1,319,059 | PDF p. 125 |
| Total comprehensive income for the yearUS$’000 | – | – | 1,410,872 | 1,227,529 | 2,638,401 | 237,858 | 2,876,259 | PDF p. 125 |
| Grant of equity-settled share optionsUS$’000 | – | – | – | 36,096 | 36,096 | 4,189 | 40,285 | PDF p. 125 |
| Share capital contributed by non-controlling shareholdersUS$’000 | – | – | – | – | – | 23,956 | 23,956 | PDF p. 125 |
| Dividends on ordinary sharesUS$’000 | – | – | (663,285) | – | (663,285) | – | (663,285) | PDF p. 125 |
| Dividends paid to non‑controlling shareholders of subsidiariesUS$’000 | – | – | – | – | – | (53,225) | (53,225) | PDF p. 125 |
| Net transfer to other reservesUS$’000 | – | – | (65,089) | 65,089 | – | – | – | PDF p. 125 |
| Total contributions by and distributions to ownersUS$’000 | – | – | (728,374) | 101,185 | (627,189) | (25,080) | (652,269) | PDF p. 125 |
| Acquisition of subsidiariesUS$’000 | – | – | – | – | – | 472,318 | 472,318 | PDF p. 125 |
| Acquisition of additional interest in subsidiariesUS$’000 | – | – | – | (6,708) | (6,708) | (17,931) | (24,639) | PDF p. 125 |
| Disposal/liquidation of subsidiariesUS$’000 | – | – | – | 45 | 45 | (2,556) | (2,511) | PDF p. 125 |
| Dilution of interest in subsidiariesUS$’000 | – | – | – | (13) | (13) | 38 | 25 | PDF p. 125 |
| Total changes in ownership interest in subsidiariesUS$’000 | – | – | – | (6,676) | (6,676) | 451,869 | 445,193 | PDF p. 125 |
| Closing balance at 31 December 2025US$’000 | 8,458,995 | (475,372) | 14,907,806 | (1,026,159) | 21,865,270 | 3,195,573 | 25,060,843 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Column order: Share capital; Treasury shares; Retained earnings; Other reserves; Equity attributable to owners of the Company, total; Non-controlling interests; Equity total.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Changes in Equity — Group — 2024
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Treasury shares | 2024Group — Retained earnings | 2024Group — Other reserves | 2024Group — Equity attributable to owners of the Company, total | 2024Group — Non-controlling interests | 2024Group — Equity total | Source |
|---|---|---|---|---|---|---|---|---|
| 2024 — Group | ||||||||
| Opening balance at 1 January 2024US$’000 | 8,458,995 | (475,372) | 13,915,892 | (1,726,677) | 20,172,838 | 2,578,979 | 22,751,817 | PDF p. 126 |
| Profit for the yearUS$’000 | – | – | 1,169,814 | – | 1,169,814 | 58,654 | 1,228,468 | PDF p. 126 |
| Other comprehensive income for the yearUS$’000 | – | – | – | (719,333) | (719,333) | (41,273) | (760,606) | PDF p. 126 |
| Total comprehensive income for the yearUS$’000 | – | – | 1,169,814 | (719,333) | 450,481 | 17,381 | 467,862 | PDF p. 126 |
| Grant of equity-settled share optionsUS$’000 | – | – | – | 33,379 | 33,379 | 4,025 | 37,404 | PDF p. 126 |
| Share capital contributed by non-controlling shareholdersUS$’000 | – | – | – | – | – | 21,002 | 21,002 | PDF p. 126 |
| Dividends on ordinary sharesUS$’000 | – | – | (796,310) | – | (796,310) | – | (796,310) | PDF p. 126 |
| Dividends paid to non‑controlling shareholders of subsidiariesUS$’000 | – | – | – | – | – | (69,683) | (69,683) | PDF p. 126 |
| Net transfer to other reservesUS$’000 | – | – | (64,088) | 64,088 | – | – | – | PDF p. 126 |
| Total contributions by and distributions to ownersUS$’000 | – | – | (860,398) | 97,467 | (762,931) | (44,656) | (807,587) | PDF p. 126 |
| Acquisition of subsidiariesUS$’000 | – | – | – | – | – | 2,044 | 2,044 | PDF p. 126 |
| Acquisition of additional interest in subsidiariesUS$’000 | – | – | – | 629 | 629 | (15,257) | (14,628) | PDF p. 126 |
| Disposal/liquidation of subsidiariesUS$’000 | – | – | – | (968) | (968) | (7,046) | (8,014) | PDF p. 126 |
| Dilution of interest in subsidiariesUS$’000 | – | – | – | 685 | 685 | (519) | 166 | PDF p. 126 |
| Total changes in ownership interest in subsidiariesUS$’000 | – | – | – | 346 | 346 | (20,778) | (20,432) | PDF p. 126 |
| Closing balance at 31 December 2024US$’000 | 8,458,995 | (475,372) | 14,225,308 | (2,348,197) | 19,860,734 | 2,530,926 | 22,391,660 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
Column order: Share capital; Treasury shares; Retained earnings; Other reserves; Equity attributable to owners of the Company, total; Non-controlling interests; Equity total.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Changes in Equity — Company — 2025
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company — Share capital | 2025Company — Treasury shares | 2025Company — Retained earnings | 2025Company — Other reserves | 2025Company — Equity attributable to owners of the Company, total | Source |
|---|---|---|---|---|---|---|
| 2025 — Company | ||||||
| Opening balance at 1 January 2025US$’000 | 8,895,134 | (475,372) | 598,896 | 233,960 | 9,252,618 | PDF p. 127 |
| Profit for the yearUS$’000 | – | – | 577,679 | – | 577,679 | PDF p. 127 |
| Other comprehensive income for the yearUS$’000 | – | – | – | 428 | 428 | PDF p. 127 |
| Total comprehensive income for the yearUS$’000 | – | – | 577,679 | 428 | 578,107 | PDF p. 127 |
| Grant of equity-settled share optionsUS$’000 | – | – | – | 9,084 | 9,084 | PDF p. 127 |
| Dividends on ordinary sharesUS$’000 | – | – | (663,285) | – | (663,285) | PDF p. 127 |
| Total transactions with owners in their capacity as ownersUS$’000 | – | – | (663,285) | 9,084 | (654,201) | PDF p. 127 |
| Closing balance at 31 December 2025US$’000 | 8,895,134 | (475,372) | 513,290 | 243,472 | 9,176,524 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Column order: Share capital; Treasury shares; Retained earnings; Other reserves; Equity attributable to owners of the Company, total.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Statements of Changes in Equity — Company — 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Company — Share capital | 2024Company — Treasury shares | 2024Company — Retained earnings | 2024Company — Other reserves | 2024Company — Equity attributable to owners of the Company, total | Source |
|---|---|---|---|---|---|---|
| 2024 — Company | ||||||
| Opening balance at 1 January 2024US$’000 | 8,895,134 | (475,372) | 917,173 | 227,175 | 9,564,110 | PDF p. 127 |
| Profit for the yearUS$’000 | – | – | 478,033 | – | 478,033 | PDF p. 127 |
| Other comprehensive income for the yearUS$’000 | – | – | – | (158) | (158) | PDF p. 127 |
| Total comprehensive income for the yearUS$’000 | – | – | 478,033 | (158) | 477,875 | PDF p. 127 |
| Grant of equity-settled share optionsUS$’000 | – | – | – | 6,943 | 6,943 | PDF p. 127 |
| Dividends on ordinary sharesUS$’000 | – | – | (796,310) | – | (796,310) | PDF p. 127 |
| Total transactions with owners in their capacity as ownersUS$’000 | – | – | (796,310) | 6,943 | (789,367) | PDF p. 127 |
| Closing balance at 31 December 2024US$’000 | 8,895,134 | (475,372) | 598,896 | 233,960 | 9,252,618 | PDF p. 127 |
Definitions & sources
Original report: PDF p. 127 ↗
Column order: Share capital; Treasury shares; Retained earnings; Other reserves; Equity attributable to owners of the Company, total.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Performance Overview
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Performance overview | ||
| Net ProfitUS$ billion | 1.41 | PDF p. 19 |
| Core Net ProfitUS$ billion | 1.28 | PDF p. 19 |
| RevenueUS$ billion | 70.42 | PDF p. 19 |
| EBITDAUS$ billion | 4.27 | PDF p. 19 |
| Total AssetsUS$ billion | 65.64 | PDF p. 19 |
| Diluted Earnings Per ShareUS cents per share | 22.6 | PDF p. 19 |
| Net Asset Per ShareUS$ per share | 3.50 | PDF p. 19 |
| Dividend Per ShareS$ per share | 0.140 | PDF p. 19 |
Definitions & sources
Original report: PDF p. 19 ↗
Profit Before Tax by Business Segment — FY2025
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Profit before tax by business segment | ||
| Food Products% | 23 | PDF p. 20 |
| Feed and Industrial Products% | 42 | PDF p. 20 |
| Plantation and Sugar Milling% | 18 | PDF p. 20 |
| Others% | 1 | PDF p. 20 |
| Associates and Joint Ventures% | 16 | PDF p. 20 |
| Total% | 100 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
Segmental breakdown calculation excludes unallocated segment, changes in fair value of biological assets and impairment of property, plant and equipment.
Profit Before Tax by Business Segment — FY2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | Source |
|---|---|---|
| Profit before tax by business segment | ||
| Food Products% | 29 | PDF p. 20 |
| Feed and Industrial Products% | 47 | PDF p. 20 |
| Plantation and Sugar Milling% | 14 | PDF p. 20 |
| Others% | -2 | PDF p. 20 |
| Associates and Joint Ventures% | 12 | PDF p. 20 |
| Total% | 100 | PDF p. 20 |
Definitions & sources
Original report: PDF p. 20 ↗
Segmental breakdown calculation excludes unallocated segment, changes in fair value of biological assets and impairment of property, plant and equipment.
Sales Volume by Business Segment — FY2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Sales volume by business segment | ||
| Food Products’000 MT | 34,700 | PDF p. 21 |
| Feed and Industrial Products’000 MT | 67,975 | PDF p. 21 |
| Sugar Milling’000 MT | 3,113 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Sales Volume Composition by Business Segment — FY2025
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Sales volume composition by business segment | ||
| Food Products% | 33 | PDF p. 21 |
| Feed and Industrial Products% | 64 | PDF p. 21 |
| Sugar Milling% | 3 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Sales Volume by Business Segment — FY2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | Source |
|---|---|---|
| Sales volume by business segment | ||
| Food Products’000 MT | 33,000 | PDF p. 21 |
| Feed and Industrial Products’000 MT | 68,700 | PDF p. 21 |
| Sugar Milling’000 MT | 3,090 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Sales Volume Composition by Business Segment — FY2024
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | Source |
|---|---|---|
| Sales volume composition by business segment | ||
| Food Products% | 31 | PDF p. 21 |
| Feed and Industrial Products% | 66 | PDF p. 21 |
| Sugar Milling% | 3 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Sales Volume by Business Segment — FY2023
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | Source |
|---|---|---|
| Sales volume by business segment | ||
| Food Products’000 MT | 30,682 | PDF p. 21 |
| Feed and Industrial Products’000 MT | 61,269 | PDF p. 21 |
| Sugar Milling’000 MT | 3,565 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Sales Volume Composition by Business Segment — FY2023
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group | Source |
|---|---|---|
| Sales volume composition by business segment | ||
| Food Products% | 32 | PDF p. 21 |
| Feed and Industrial Products% | 64 | PDF p. 21 |
| Sugar Milling% | 4 | PDF p. 21 |
Definitions & sources
Original report: PDF p. 21 ↗
Basic Earnings Per Share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Basic earnings per share | |||
| Profit for the year attributable to owners of the CompanyUS$’000 | 1,410,872 | 1,169,814 | PDF p. 157 |
| Weighted average number of ordinary shares‘000 | 6,242,733 | 6,242,733 | PDF p. 157 |
| Basic earnings per shareUS cents per share | 22.6 | 18.7 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding (exclude treasury shares outstanding) during the financial year.
Diluted Earnings Per Share
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Diluted earnings per share | |||
| Profit for the year attributable to owners of the CompanyUS$’000 | 1,410,872 | 1,169,814 | PDF p. 157 |
| Weighted average number of ordinary shares for diluted earnings per share computation‘000 | 6,242,733 | 6,242,733 | PDF p. 157 |
| Diluted earnings per shareUS cents per share | 22.6 | 18.7 | PDF p. 157 |
Definitions & sources
Original report: PDF p. 157 ↗
Diluted earnings per share amounts are calculated by dividing net profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
There are 80,815,000 share options (2024: 118,283,000) granted to employees (including directors) under existing employee share option plans that have not been included in the calculation of diluted earnings per share during the financial year because they are anti-dilutive.
Where the money comes from
Segment information
By business
Segment information – operating segments 13 lines
| Item / unit | 2025Food Products | 2025Feed and Industrial Products | 2025Plantation and Sugar Milling | 2025Others | 2025Eliminations | 2025Per Consolidated Financial Statements (Group) | 2024Food Products | 2024Feed and Industrial Products | 2024Plantation and Sugar Milling | 2024Others | 2024Eliminations | 2024Per Consolidated Financial Statements (Group) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||
| Sales to external customersUS$’000 | 30,192,072 | 38,537,221 | 1,511,944 | 174,461 | – | 70,415,698 | 28,263,799 | 37,514,192 | 1,436,488 | 164,604 | – | 67,379,083 | PDF p. 209PDF p. 210 |
| Inter-segmentUS$’000 | 693,721 | 4,334,573 | 2,009,613 | 255,334 | (7,293,241) | – | 565,543 | 4,739,881 | 1,924,288 | 240,404 | (7,470,116) | – | PDF p. 209PDF p. 210 |
| Total revenueUS$’000 | 30,885,793 | 42,871,794 | 3,521,557 | 429,795 | (7,293,241) | 70,415,698 | 28,829,342 | 42,254,073 | 3,360,776 | 405,008 | (7,470,116) | 67,379,083 | PDF p. 209PDF p. 210 |
| Results | |||||||||||||
| Segment resultsUS$’000 | 449,705 | 860,999 | 356,465 | 19,741 | – | 1,686,910 | 502,092 | 829,484 | 269,143 | (38,100) | – | 1,562,619 | PDF p. 209PDF p. 210 |
| Share of results of joint venturesUS$’000 | 37,389 | 48,969 | 423 | 1,054 | – | 87,835 | 22,605 | 17,716 | 102 | 330 | – | 40,753 | PDF p. 209PDF p. 210 |
| Share of results of associatesUS$’000 | 175,993 | 9,855 | 47,696 | 17,984 | – | 251,528 | 109,293 | 8,171 | 41,920 | 19,754 | – | 179,138 | PDF p. 209PDF p. 210 |
| Assets and Liabilities | |||||||||||||
| Segment assetsUS$’000 | 27,373,998 | 22,771,334 | 5,854,261 | 10,937,011 | (5,622,059) | 61,314,545 | 22,324,419 | 22,141,467 | 5,375,223 | 10,946,735 | (5,531,234) | 55,256,610 | PDF p. 209PDF p. 210 |
| Investment in joint venturesUS$’000 | 277,318 | 361,819 | 3,095 | 4,053 | – | 646,285 | 195,537 | 290,210 | 2,398 | 12,942 | – | 501,087 | PDF p. 209PDF p. 210 |
| Investment in associatesUS$’000 | 1,543,685 | 650,037 | 424,713 | 480,086 | – | 3,098,521 | 1,588,019 | 829,998 | 356,047 | 423,638 | – | 3,197,702 | PDF p. 209PDF p. 210 |
| Segment liabilitiesUS$’000 | 18,224,295 | 14,117,236 | 1,149,872 | 11,680,281 | (5,622,059) | 39,549,625 | 15,039,783 | 13,999,043 | 951,505 | 11,885,222 | (5,531,234) | 36,344,319 | PDF p. 209PDF p. 210 |
| Other segment information | |||||||||||||
| Additions to non- current assetsUS$’000 | 2,881,599 | 517,461 | 220,299 | 127,031 | – | 3,746,390 | 792,604 | 631,745 | 232,846 | 120,696 | – | 1,777,891 | PDF p. 209PDF p. 210 |
| Depreciation, impairment and amortisationUS$’000 | 535,294 | 553,393 | 232,974 | 66,244 | – | 1,387,905 | 493,377 | 529,588 | 216,222 | 59,584 | – | 1,298,771 | PDF p. 209PDF p. 210 |
| Finance incomeUS$’000 | 234,472 | 152,912 | 57,958 | 133,928 | (264,997) | 314,273 | 233,197 | 219,370 | 49,463 | 179,185 | (285,533) | 395,682 | PDF p. 209PDF p. 210 |
Notes
Values are in US$’000. Blank string means no value printed in that column (only the consolidated column is printed for unallocated items).
# Including non-operating finance costs amounting to approximately US$29,452,000 on bank borrowings for acquisition of Wilmar Sugar Australia Limited & its subsidiaries
Unallocated expenses 63,542 for 2025 is as printed; see note B: share-based payments (40,285); fair value gain on remeasurement arising from changes of interest in an associate – net of foreign exchange loss 1,140,231; compensation payments and provisions in relation to Indonesia operations (782,345); provisions for ongoing legal cases in China (104,059); impairment loss on investment in an associate (54,333); provision for losses in relation to an associated company (95,667); total 63,542.
Note D unallocated assets: deferred tax assets 347,423; tax recoverables 235,001; total 582,424. Note E unallocated liabilities: deferred tax liabilities 488,069; tax payables 208,225; China legal provisions 104,059; provision for losses re associated company 95,667; Medium Term Notes 135,287; total 1,031,307.
Additions to non-current assets consist of additions to property, plant and equipment, right-of-use assets, investment properties, intangible assets and bearer plants.
Values are in US$’000. Blank string means no value printed in that column.
# Including non-operating finance costs amounting to approximately US$34,495,000 on bank borrowings for acquisition of Wilmar Sugar Australia Limited & its subsidiaries
2024 unallocated expenses (37,404) are share-based payments (executive share options) per note B. Note D unallocated assets: deferred tax assets 376,938; tax recoverables 239,833; total 616,771. Note E unallocated liabilities: deferred tax liabilities 437,975; tax payables 265,861; Medium Term Notes 132,355; total 836,191.
By geography
Geographical information – revenue and non-current assets 8 lines
| Item / unit | 2025Revenue (Group) | 2024Revenue (Group) | 2025Non-current assets (Group) | 2024Non-current assets (Group) | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| People’s Republic of ChinaUS$ million | 33,325 | 32,575 | 12,637 | 12,189 | PDF p. 212 |
| South East AsiaUS$ million | 16,148 | 14,404 | 8,445 | 8,084 | PDF p. 212 |
| IndiaUS$ million | 2,742 | 1,848 | 3,159 | 1,200 | PDF p. 212 |
| EuropeUS$ million | 2,811 | 2,569 | 810 | 656 | PDF p. 212 |
| Australia/New ZealandUS$ million | 2,637 | 2,636 | 2,107 | 1,983 | PDF p. 212 |
| AfricaUS$ million | 5,252 | 5,501 | 1,119 | 976 | PDF p. 212 |
| OthersUS$ million | 7,501 | 7,846 | 623 | 591 | PDF p. 212 |
| Total (unlabelled)US$ million | 70,416 | 67,379 | 28,900 | 25,679 | PDF p. 212 |
Notes
Revenue and non-current assets information based on the geographical location of customers and assets respectively.
Non-current assets information presented above consists of property, plant and equipment, right-of-use assets, investment properties, investment in joint ventures and associates, plasma investments, bearer plants, intangible assets, other financial assets, other non-financial assets and other bank deposits as presented in the balance sheet.
The final total row has no printed label.
Debt
Borrowings
Note 35(b) Liquidity risk – contractual undiscounted maturity of loans and borrowings
| Item / unit | 2025Group Less than 1 year US$'000 | 2025Group 1 to 5 years US$'000 | 2025Group Over 5 years US$'000 | 2025Group Total US$'000 | 2024Group Less than 1 year US$'000 | 2024Group 1 to 5 years US$'000 | 2024Group Over 5 years US$'000 | 2024Group Total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group – Financial liabilities | |||||||||
| Loans and borrowingsUS$'000 | 23,627,706 | 7,960,985 | 160,917 | 31,749,608 | 21,933,163 | 7,084,112 | 503,463 | 29,520,738 | PDF p. 204 |
Notes
Maturity profile of financial assets and liabilities based on contractual undiscounted amounts.
Note 35(b) Liquidity risk – contractual undiscounted maturity of loans and borrowings (Company)
| Item / unit | 2025Company Less than 1 year US$'000 | 2025Company 1 to 5 years US$'000 | 2025Company Over 5 years US$'000 | 2025Company Total US$'000 | 2024Company Less than 1 year US$'000 | 2024Company 1 to 5 years US$'000 | 2024Company Over 5 years US$'000 | 2024Company Total US$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Company – Financial liabilities | |||||||||
| Loans and borrowingsUS$'000 | – | 63,859 | – | 63,859 | – | 64,043 | – | 64,043 | PDF p. 204 |
Notes
Based on contractual undiscounted amounts.
Borrowing notes 2 tables
Loans and borrowings
| Item / unit | 2025Maturity (as printed, Note 27) | 2025Weighted average interest rate %, 2025 | 2024Weighted average interest rate %, 2024 | 2025Group US$'000 | 2024Group US$'000 | 2025Company US$'000 | 2024Company US$'000 | Source |
|---|---|---|---|---|---|---|---|---|
| Current | ||||||||
| Bank term loansUS$'000 (amounts); % (rates) | 2026 | 5 | 4 | 2,129,110 | 3,257,063 | – | – | PDF p. 184 |
| Short-term/pre-shipment loansUS$'000 (amounts); % (rates) | 2026 | 5 | 5 | 9,748,866 | 9,924,335 | – | – | PDF p. 184 |
| Trust receipts/bill discountsUS$'000 (amounts); % (rates) | 2026 | 1 | 1 | 11,293,404 | 8,376,765 | – | – | PDF p. 184 |
| Bank overdraftsUS$'000 (amounts); % (rates) | 2026 | 8 | 9 | 267,019 | 163,345 | – | – | PDF p. 184 |
| Redeemable non-convertible debenturesUS$'000 (amounts); % (rates) | 2026 | 12 | 11 | 1,182 | 1,238 | – | – | PDF p. 184 |
| Non-current | ||||||||
| Medium Term NotesUS$'000 (amounts); % (rates) | 2027 | 2 | 2 | 135,287 | 132,355 | 63,859 | 64,043 | PDF p. 184 |
| Redeemable non-convertible debenturesUS$'000 (amounts); % (rates) | 2032 | 10 | 10 | 49,534 | 53,255 | – | – | PDF p. 184 |
Notes
(a) Bank term loans/short-term/pre-shipment loans/trust receipts/bill discounts: A portion of the Group's loans is secured by a pledge over property, plant and equipment, fixed deposits, trade receivables, inventories, other deposits with financial institutions and corporate guarantees from the Company and certain subsidiaries.
(b) Certain bank overdrafts are secured by corporate guarantees from the Company.
(c) 18 May 2022: Company issued 5-year Medium Term Note of Japanese Yen 10 billion at fixed 0.72% p.a.; 30 October 2024: a subsidiary issued 3-year Medium Term Note of Chinese Renminbi 500 million at fixed 2.30% p.a.
(d) NCDs issued to LIC are secured by certain assets of a subsidiary, repayable in 12 to 39 structured quarterly instalments, effective interest 11.0% to 11.7% p.a. NCDs issued to DBS Bank Limited are unsecured, repayable on maturity in 2029, effective interest 9.45% p.a.
(e) Bank facilities up to approx. US$16,824,954,000 (2024: US$16,453,709,000) are guaranteed by the Company and certain subsidiaries.
(f) Bank loans and other bank deposits of approx. US$1,445,712,000 (2024: US$2,401,805,000) disclosed off-balance sheet as the Group transferred substantially all risks and rewards and was legally released from the loans.
Subtotal rows have no printed label.
Lease liabilities
| Item / unit | 2025Group US$'000 | 2024Group US$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Lease liabilities – currentUS$'000 | 77,791 | 61,232 | PDF p. 194 |
| Lease liabilities – non-currentUS$'000 | 235,977 | 195,502 | PDF p. 194 |
| At 31 DecemberUS$'000 | 313,768 | 256,734 | PDF p. 194 |
Notes
No lease liability maturity bucket table (within 1 year / 1-5 / after 5) was found; only current/non-current split is printed.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company has been declaring dividends twice a year to its shareholders, at half-year and year-end, since 2008. In considering the level of dividend payments, the Board considers various factors, including but not limited to the projected levels of capital expenditure and other investment plans, as well as the Group’s working capital requirements and general financial condition. These considerations are reviewed regularly, taking into account the changing business environment. | Company | PDF p. 97 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Final tax-exempt (one-tier) dividend for 2025 | S$0.10 | FY2025 proposed final dividend, Group and Company, subject to shareholders' approval at AGM; comparative 2024: S$0.10 | PDF p. 212 |
| Proposed Dividend record date | 4 May 2026 | FY2025 proposed final dividend | PDF p. 224 |
| Proposed Dividend payment date | 14 May 2026 | FY2025 proposed final dividend | PDF p. 224 |
| Interim tax-exempt (one-tier) dividend for 2025 | S$0.04 | FY2025 interim dividend, Group and Company; comparative 2024: S$0.06 | PDF p. 212 |
| Final tax-exempt (one-tier) dividend for 2024 | S$0.10 | FY2024 final dividend paid in 2025, Group and Company; comparative 2023: S$0.11 | PDF p. 212 |
| Dividend per share (Singapore cents) | 14.0 Singapore cents per share | FY2025; comparatives FY2024 16.0, FY2023 17.0, FY2022 17.0, FY2021 15.5 | PDF p. 20 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend payout ratio on net profit (%)# | 49% | FY2025; comparatives FY2024 64, FY2023 52, FY2022 33, FY2021 38 | PDF p. 20 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| ERNST & YOUNG LLP | ERNST & YOUNG LLP | Group | PDF p. 120 |
| Engagement partner | Wee Hiang Bing | Group | PDF p. 120 |
| OPINION | properly drawn up in accordance with the provisions of the Companies Act 1967 (the Act) and Singapore Financial Reporting Standards (International) (SFRS(I)) so as to give a true and fair view | Group and Company | PDF p. 117 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment testing of goodwill and brands | These impairment tests require the estimation of recoverable amounts of CGUs to which the goodwill and brands are allocated | Group | PDF p. 117 |
| Fair value measurement of derivative financial instruments | These derivative financial instruments and contracts are required to be carried at fair value and the determination of fair values involves significant judgement and is subject to estimation uncertainty. | Group | PDF p. 118 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.