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Profits double for Robert Kuok’s PPB Group

Robust demand for palm oil and sugar doubled the profits of PPB Group, the company controlled by Malaysia’s richest man, Robert Kuok.

According to a Forbes report, PPB’s net profit rose to RM420.2 million in the first quarter of 2021 from RM187.3 million in the same period last year.

The company’s profits were contributed by its associate company Wilmar International, which reported record earnings from its plantation and sugar milling businesses.

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These profits will help PPB offset losses from its cinema operations and reduced earnings from its property and construction businesses which have been hit by Covid-19 and lockdown measures to curb the spread of the virus.

In the report, DBS Group Research said Wilmar is expected to continue benefitting from the demand in China and India.

“Since the stockpile levels of major buyer countries are still relatively low amid recovering consumption and tight supplies, we believe that global demand will bounce back further despite the now firm crude palm oil prices,” it was quoted as saying in a research note.

With a net worth of US$12.3 billion (RM50.8 billion), “Sugar King” Kuok is the country’s richest man with a business empire in Malaysia, Singapore and Hong Kong.