Wilmar International, the Singapore-based agricultural commodity trader reported a 25% rise in quarterly earnings on Thursday.
The jump in fourth-quarter net profits came despite weaker trading from its tropical oils and sugar units.
Overall net profits came in at $1.22bn, markedly higher than consensus analysts’ average estimates of $1.07bn.
Wilmar´s bottom line was boosted by strong results from its soya beans and grains businesses as well as positive contributions from joint ventures in China, India and Africa.
Earnings from grains and oil seeds tripled to $735m, supported by rising margins.
“Good crush margins during the quarter, together with stronger sales by oilseeds and grains (Manufacturing), led the group to record robust results for the segment in the fourth quarter,” said Wilmar.
However, this was in sharp contrast to Wilmar´s sugar business, which suffered a loss of $24.6m.
At the same time, earnings from joint ventures and associates increased by more than 60% to $228m.
“Our portfolio of high quality agribusiness enabled the group to do well in 2017. Looking ahead, we expect our integrated business model to continue to achieve sustained growth. Barring unforeseen circumstances, performance in the 2018 financial year is expected to be satisfactory,” said Wilmar in its results statement.