London Daily

Focus on the big picture.
Thursday, Jul 10, 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

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×