Beautiful Virgin Islands

Thursday, Jun 05, 2025

Strong Demand, Global Disruptions Boost Fortunes Of Malaysia’s Palm Oil Tycoons

Strong Demand, Global Disruptions Boost Fortunes Of Malaysia’s Palm Oil Tycoons

Ling Chiong Ho of Sarawak Oil Palms returns to the list after a four-year hiatus.

Malaysian palm oil tycoons are reaping windfall profits as global disruptions drive up the price of the commodity. Indonesia’s temporary export ban on cooking oil and its raw materials coincided with a drop in palm oil production in Malaysia amid a pandemic-driven shortage. Meanwhile consumers in China and India are turning to palm oil as an alternative to dwindling supplies of sunflower oil from the world’s biggest producers, Russia and Ukraine, alongside lower soybean production in South America and rapeseed oil in Europe.

“Lower output of palm and other related edible oils from a labor shortage to weather woes amidst recovering demand have pushed CPO [crude palm oil] prices to multirecord highs,” says Sathia Varqa, cofounder of Singapore-based Palm Oil Analytics. While Malaysia’s benchmark CPO prices have retreated from all-time highs reached in March, they are still double prices seen a year ago and have more than tripled since mid-2020.

Indonesia’s three-week-long palm oil export ban has been another factor supporting prices. The government, which initially planned to restrict only the export of refined cooking oil, stunned markets in April by including crude palm oil at the last minute to tackle rising domestic prices. The world’s biggest CPO producer lifted the ban in May following improvements in supply.

Ling Chiong Ho.The Star, Malaysia


Ling Chiong Ho, who derives most of his wealth from Sarawak Oil Palms, returns to the list with a $425 million net worth after the company’s stock surged 43% in the past year. Sarawak Oil Palms’ aftertax profit in the first three months of 2022 jumped 138% to a record 205.7 million ringgit ($47 million) from a year ago. Revenue increased about 82% to 1.4 billion ringgit, which the company attributed to higher product prices despite a lower oil palm fruit harvest. The net worth of Gooi Seong Lim and his family went up by 19% to $405 million as shares of Kim Loong Resources climbed 27%. In the financial year ended January 2022, the company’s aftertax profit climbed 52% to 167.7 million ringgit while revenue rose 75% to 1.7 billion ringgit. Managing director Gooi Seong Heen says he hopes the company’s shares will rally further as profits and dividends reflect higher CPO prices.

Gooi Seong LimThe Star, Malaysia


Shares of Batu Kawan and its subsidiary, Kuala Lumpur Kepong, rallied 46% and 22% respectively, while Oriental Holdings climbed 34% in the past year. Brothers Lee Oi Hian and Lee Hau Hian, controllers of Batu Kawan and its plantation division Kuala Lumpur Kepong, saw their wealth increase 39% to $1.6 billion as the group’s aftertax profit in the six months ended March 2022 soared 42% to 1.3 billion ringgit (year-on-year). The net worth of Loh Kian Chong of Oriental Holdings increased 4% to $390 million.

Loh Kian Chong.The Star, Malaysia

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
Majority of French Voters View Macron's Presidency as a Failure
Hungary Partners with China to Boost Electric Vehicle Production
‘Vibe Coding’ Emerges as the New DIY Trend
AI Pioneer Yoshua Bengio Warns Models Can Deceive Users
Big Four Firms Rush to Create AI Auditing Systems
Musk’s xAI Pursues $113 Billion Valuation in New Share Sale
Walmart Increases Revenue Despite Shrinking Workforce
Hims & Hers Plans UK and EU Launch of Replica Obesity Drugs
Toyota to Acquire Supplier in $33 Billion Buyout
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
×