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Industrial Raw Materials, Ag Logistics and Infrastructure

The Industrial Raw Materials, Ag Logistics and Infrastructure volumes grew 12.5% in 2017 with growth mainly from Cotton. Revenues increased by 39.2% on the back of higher sales volumes.

The segment achieved a strong EBITDA growth of 45.9% with higher contribution from Cotton and GSEZ following the commissioning of new ports and the partial sale of port concession rights in Gabon in Q4 2017. This was partly offset by lower contribution from Wood Products, which was impacted by weak demand and lower margins.

Invested capital declined by S$116.0 million compared with a year ago, as inventory optimisation initiatives brought down working capital. Fixed capital was up slightly with investments in upstream Rubber plantations in Gabon and integrated ginning operations in Côte d’Ivoire.

 As a result of the strong EBITDA growth on reduced invested capital, EBITDA/IC margin expanded from 6.5% in 2016 to 9.1% in 2017.