Iggy’s Journal: Wilmar’s Core Profit Rose 9.9%. Its Net Profit Rose 2.3%. Which Number Should You Read Before 28 October?

Mon 19 Oct 2026 | Afternoon

The Numbers

Wilmar’s core net profit rose 9.9% in the first half, and its net profit rose 2.3%. The gap comes from items outside core profit, and the video itemises them. The half-year growth also leaned on a second quarter in which core profit rose 56.8%, after a weaker first quarter. $Wilmar(F34.SG) 

For dividends, I put two figures against my own thresholds. My EBIT proxy covered finance costs about 2.7 times, against the 4.0 times floor I use. The trailing yield was about 4.36%, which is 34 basis points under my 4.7% hurdle. Wilmar reports on 28 October.

My Personal Take

Neither profit figure is the one I would sit with. Interest cover is. A pay slip shows a headline total, and what reaches the account is a different number. Core profit and net profit have the same relationship, and for a dividend portfolio the cheque is paid after the finance costs, not before them. A 56.8% second quarter after a weak first quarter also reminds me that half-year growth can rest on one good quarter. On 16 October I listed seven reporting dates, and Wilmar’s was one of them. On 28 October I will put the new core and net profit figures side by side first, then check whether net debt has moved with commodity prices.

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Cheers, Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.