SATS and Wilmar’s Latest Earnings: Resilience Amidst Global Headwinds

Group 1: SATS Ltd - SATS Ltd reported an 8.0% year-on-year increase in revenue to S$1.6 billion for the third quarter of fiscal 2026, with net profit attributable to shareholders rising 20.4% to S$84.7 million, driven by operating leverage and improved EBITDA margins from 17.3% to 18.1% [3][4] - The Gateway Services segment was a key contributor, with revenue increasing 10.0% to S$1.3 billion, supported by a record-breaking 2.55 million tonnes of cargo processed, despite a 6.9% dip in the Americas due to tariff impacts [4] - The group reported a healthy nine-month free cash flow of S$369.9 million and held S$620.1 million in cash against S$2.4 billion in borrowings, indicating a return to capital discipline [5] Group 2: Wilmar International - Wilmar International achieved a 4.5% year-on-year rise in FY2025 revenue to US$70.4 billion, with net profit attributable to owners climbing 20.6% to US$1.4 billion, supported by higher sales volumes and stronger palm-related prices [6] - Core net profit, excluding one-off items, grew by 9.7% to US$1.3 billion, while free cash flow improved significantly to US$1.3 billion from negative US$200 million a year ago [7] - The balance sheet showed marginal improvement with net gearing easing to 0.91 times, although management declared a lower total dividend of S$0.14 for the year, reflecting a cautious outlook amid trade tariffs and geopolitical shifts [8]