Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 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

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×