Shares of Wilmar International Ltd. rose on Monday after the company reported strong third quarter earnings, its third consecutive quarter of record performance.
The agribusiness firm’s shares rose as much as 9.7% to 3.95 Singapore dollars (US$2.80). It was last up 9.2%.
Wilmar reported a 35% rise in third-quarter net profit to US$766.2 million from US$568.7 million in the same period a year earlier.
Revenue rose 10% to US$18.88 billion, supported by strong performance across all core segments including feed and industrial products.
“Wilmar managed to navigate several operational headwinds YTD22 including market concerns over palm oil export curbs in Indonesia impacting the business in 1H22, as well as persistent slowdown in China consumption trends,” Citi analyst Jame Osman said.
Citi has a buy rating and a S$6.08 target price on the stock.