40 World’s Largest Palm Oil Companies

 

40 World’s Largest Palm Oil Companies- Commonly, there are 40 World’s Largest Palm Oil Companies in 2023. These companies have made massive contributions in boosting the world’s palm oil production. Additionally, due to their production of millions of tons of fresh fruit from oil palms and their derivative products, namely Crude Palm Oils (CPO), these companies have generated billions of US dollars in revenue. They achieve this through the cultivation of oil palms over large areas and the processing of harvested fruits into various derivative oil products.

 

Statistically, according to FAO Statistical Corporate Database (FAOSTAT) in 2024, the world's production of Palm Oil had reached 78,872,738 tons in 2022. Most of this production was contributed by two countries, namely Indonesia and Malaysia. Specifically, Indonesia produced 46,820,000 tons of Palm Oil and still became the world's largest country producer of palm oil. Meanwhile, Malaysia produced 18,453,420 tons and became the 2^nd world’s largest country producer of palm oil. Overall, Malaysia and Indonesia contributed to more than 80% of the world's palm oil production in 2023. Furthermore, as of 2023, total area of ​​oil palm plantations in Indonesia reached 15.34 million hectares (ha) and Malaysia reached 5.65 million hectares of land. Because of the statistical land and production, we focused on analyzing the palm oil companies in Malaysia and Indonesia to know which the world’s largest palm oil plantation in 2023.

 

In Malaysia and Indonesia, we collected data on some palm oil companies, but we only analyzed public companies and did not include closed companies. Public companies are those whose shares are listed and traded on a public stock exchange. This means that the public can buy and sell shares of the company, making it possible for anyone to become a shareholder or part-owner. In result of this, we can get access freely in analyzing the financial report or annual report in 2023. Meanwhile, we do not analyze the closed companies (a business entity that does not offer its shares for public trading on stock exchanges) because we do not have access to the financial report or annual report in 2023.

In this article, we ranked the palm oil companies based on their total assets and net income in 2023. In this table below, we show the table performing total assets and liabilities of each palm oil company in the year of 2023. Meanwhile, the second one describes the total revenue and net income/ loss of each palm oil company in 2023. Specifically, all nominal values are shown in two different currencies: the original currency (Indonesian Rupiah (IDR) and Malaysian Ringgit (MYR)) and US Dollar (converted from the original currency).

 

  

The Total Assets and Liabilities of World’s Largest Palm Oil Companies in 2023 Ranked According to Total Assets

 

Ranks	Palm Oil Companies	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		In Origin Currency	(in US Dollar)	in Origin Currency	(in US Dollar)
1	Wilmar International	USD 18,120 million	USD 18,120 million	USD 8,556 million	USD 8,556 million
2	Sime Darby Guthrie	MYR 31.8 billion	USD 7,314 million	MYR 11.4 billion	USD 2,622 million
3	Kuala Lumpur Kepong	MYR 30.1 billion	USD 6,923 million	MYR 13.9 billion	USD 3,197 million
4	IOI Corporation	MYR 17.9 billion	USD 4,117 million	MYR 5.9 billion	USD 1,357 million
5	FGV	MYR 17.2 billion	USD 3,956 million	MYR 9.7 billion	USD 2,622 million
6	Sinar Mas Agro Resources	IDR 39,716 billion	USD 2,422 million	IDR 20,644 billion	USD 3,197 million
7	Salim Ivomas Pratama	IDR 35,012 billion	USD 2,135 million	IDR 13,293 billion	USD 1,357 million
8	Genting Plantations	MYR 8.5 billion	USD 1,955 million	MYR 3.1 billion	USD 2,622 million
9	First Resources	MYR1,774 million	USD 1,774 million	IDR 372 million	USD 3,197 million
10	Astra Agro Lestari	IDR 28,846 billion	USD 1,759 million	IDR 6,280 billion	USD 1,357 million
11	Tunas Baru Lampung	IDR 25,883 billion	USD 1,578 million	IDR 17,680 billion	USD 2,622 million
12	Sarawak Oil Palm	MYR 5.2 billion	USD 1,196 million	MYR 1.5 billion	USD 3,197 million
13	Bumitama Agri	IDR 19,233 billion	USD 1,173 million	IDR 3,796 billion	USD 1,357 million
14	Dharma Satya Nusantara	IDR 16,178 billion	USD 986 million	IDR 7,288 billion	USD 2,622 million
15	Boustead Plantation	MYR 4 billion	USD 920 million	MYR 1.2 billion	USD 3,197 million
16	Triputra Agro Persada	IDR 13,867 billion	USD 845 million	IDR 2,527 billion	USD 1,357 million
17	London Sumatra Indonesia	IDR 12,514 billion	USD 763 million	IDR 1,166 billion	USD 2,622 million
18	Sawit Sumbermas Sarana	IDR 11,810 billion	USD 720 million	IDR 9,820 billion	USD 3,197 million
19	Eagle High Plantations	IDR 10,183 billion	USD 621 million	IDR 7,991 billion	USD 1,357 million
20	Sampoerna Agro	IDR 10,067 billion	USD 614 million	IDR 4,555 billion	USD 2,622 million
21	Austindo Nusantara Jaya	IDR 10,065 billion	USD 614 million	IDR 3,081 billion	USD 3,197 million
22	FAP Agri	IDR 8,634 billion	USD 526 million	IDR 4,570 billion	USD 1,357 million
23	United Plantation	MYR 2.1 billion	USD 483 million	MYR 0.3 billion	USD 2,622 million
24	Sumber Tani Agung	IDR 6,681 billion	USD 407 billion	IDR1,877 billion	USD 3,197 million
25	Far East Holding	MYR 1.7 billion	USD 391 million	MYR 0.27 billion	USD 1,357 million
26	Teladan Prima Agro	IDR 5,423 billion	USD 330 million	IDR 2,965 billion	USD 2,622 million
27	Kim Loong Resources	MYR 1.2 billion	USD 276 million	MYR 0.27 billion	USD 3,197 million
28	Bakrie Sumatera	IDR 4,559 billion	USD 278 million	IDR 10,492 billion	USD 1,357 million
29	Citra Borneo Utama	IDR 4,336 billion	USD 264 million	IDR 3,433 billion	USD 2,622 million
30	Palma Serasih	IDR 4,181 billion	USD 255 million	IDR 1,944 billion	USD 3,197 million
31	Jaya Agra Wattie	IDR 3,656 billion	USD 223 million	IDR 2,674 billion	USD 1,357 million
32	Jhonlin Agro Raya	IDR 3,652 billion	USD 222 million	IDR 2,211 billion	USD 2,622 million
33	Mahkota Group	IDR 2,680 billion	USD 163 million	IDR 2,159 billion	USD 3,197 million
34	Pradiksi Gunatama	IDR 2,591 billion	USD 158 million	IDR 965 billion	USD 1,357 million
35	Gozco Plantations	IDR2,118 billion	USD 132 million	IDR 949 billion	USD 2,622 million
36	Cisadane Sawit Raya	IDR 1,842 billion	USD 112 million	IDR 727 billion	USD 3,197 million
37	Pinago Utama	IDR 1,489 billion	USD 90.9 million	IDR 692 billion	USD 1,357 million
38	Menthobi Karyatama Raya	IDR 1,331 billion	USD 81 billion	IDR 747 million	USD 2,622 million
39	Andira Agro	IDR 378 billion	USD 23 million	IDR 195 billion	USD 3,197 million
40	PT Pulau Subur	IDR 168 billion	USD 10.2 million	IDR 6.1 billion	USD 1,357 million
Source: Annual Report, 2023
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar using Currency Rates below
Currency Rates:
1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
1 Malaysian Ringgit (MYR) = 0.23 US Dollar (USD)
Red Columns = Singapore-based oil Palm Company
Yellow Colums = Malaysia-based oil Palm Company
Green Columns = Indonesia-based oil Palm Company

 

All the total assets and total liabilities obtained from The Balance Sheet, Annual Report in 2023. Basically, A balance sheet is a financial statement that provides a brief of a company's financial position at a specific point in time. It shows the company owns (assets), what it owns (liabilities), and the value of the shareholders' equity. It shows the company's assets, liabilities, and shareholders' equity.

 

The Total Revenue and Net Income of World’s Largest Palm Oil Companies Ranked According to Net Income/ Loss in 2023

 

Ranks	Rank of Companies	Total Revenue	Total Revenue	Net Income / Loss	Net Income / Loss
		In Origin Currency	(in US Dollar (USD))	in Origin Currency	(in US Dollar (USD))
1	Wilmar International	USD 67,155 million	USD 67,155 million	USD 1,658 million	USD 1,658 million
2	Sime Darby Guthrie	MYR 18.4 billion	USD 4,230 million	MYR 1.8 billion	USD  410 million
3	IOI Corporation Berhad	MYR 9.6 billion	USD 2,200 million	MYR 1.1 billion	USD  250 million
4	Kuala Lumpur Kepong Berhad	MYR 23.6 billion	USD 5,420 million	MYR 0.99 billion	USD   220 million
5	Bumitama Agri	IDR 15,443 billion	USD  943 million	IDR 2,931 billion	USD 178 million
6	United Plantation Berhad	MYR  2 billion	USD  460 million	MYR 0.711 billion	USD  160 million
7	First Resources	USD 979 million	USD 979 million	USD 144 million	USD 144 million
8	Triputra Agro Persada	IDR 8,325 billion	USD  507 million	IDR 1,661 billion	USD 101 million
9	Sarawak Oil Palm Berhad	MYR 5.1 billion	USD 1,170 million	MYR 0.42 billion	USD  90 million
10	Astra Agro Lestari	IDR 20,745 billion	USD 1,265 million	IDR 1,088 billion	USD 66.6 million
11	Sumber Tani Agung Resources	IDR 5,285 billion	USD  322 million	IDR 1,051 billion	USD 64 million
12	Salim Ivomas Pratama	IDR 16,002 billion	USD  976 million	IDR 926 billion	USD 56.4 million
13	Sinar Mas Agro Resources and Technology	IDR 66,531 billion	USD 4,508 million	IDR 918 billion	USD 55.9 million
14	Dharma Satya Nusantara	IDR 9,498 billion	USD 579 million	IDR 841 billion	USD 51 million
15	Genting Plantations Berhad	MYR 2.9 billion	USD 660 million	MYR 0.26 billion	USD  50 million
16	PP London Sumatra Indonesia	IDR 4,183 billion	USD 255 million	IDR 760 billion	USD 46.4 million
17	Kim Loong Resources Berhad	MYR 1.5 billion	USD 340 million	MYR 0.177 billion	USD  40 million
18	Tunas Baru Lampung	IDR 15,317 billion	USD 934 million	IDR 612 billion	USD 37.3 million
19	Palma Serasih	IDR 2,049 billion	USD 124 million	IDR 549 billion	USD 33.3 million
20	Sawit Sumbermas Sarana	IDR 10,703 billion	USD 652 million	IDR 515 billion	USD 31.4 million
21	Teladan Prima Agro	IDR 4,007 billion	USD 244 million	IDR 451 billion	USD 27.5 million
22	Sampoerna Agro	IDR 5,620 billion	USD 342 million	IDR 440 billion	USD 26.8 million
23	Far East Holding Berhad	MYR 0.542 billion	USD 120 million	MYR 0.105 billion	USD  20 million
24	FGV Holdings Berhad	MYR 0.348 billion	USD 80 million	MYR 0.099 billion	USD  20 million
25	Pradiksi Gunatama	IDR 868 billion	USD 53 million	IDR 196 billion	USD 11.9 million
26	Pinago Utama	IDR 2,037 billion	USD 124 million	IDR 191 billion	USD 11.6 million
27	FAP Agri	IDR 5,065 billion	USD 309 million	IDR 161 billion	USD 9.8 million
28	Eagle High Plantations	IDR 4,204 billion	USD 256 million	IDR 159 billion	USD 9.6 million
29	Cisadane Sawit Raya	IDR 875 billion	USD 53.3 million	IDR 146 billion	USD 8.9 million
30	Citra Borneo Utama	IDR 10,319 billion	USD 629 million	IDR 144 billion	USD 8.7 million
31	Boustead Plantation Berhad	MYR 0.851 billion	USD 19 million	MYR 0.035 billion	USD  8 million
32	Jhonlin Agro Raya	IDR 4,442 billion	USD 270 million	IDR 77.2 billion	USD 4.7 million
33	Menthobi Karyatama Raya	IDR 710 billion	USD 43.3 million	IDR 51.3 billion	USD 3.1 million
34	Austindo Nusantara Jaya	IDR 3,868 billion	USD 236 million	IDR 31.1 billion	USD 1.9 million
35	PT Pulau Subur	IDR 61.6 billion	USD 3.7 million	IDR 26.1 billion	USD 1.3 million
36	Bakrie Sumatera Plantations	IDR 2,405 billion	USD 146 million	IDR 26.1 billion	USD 1.5 million
37	Gozco Plantations	IDR 744 billion	USD 46.5 million	IDR 15.7 billion	USD 0.98 million
38	Andira Agro	IDR 219 billion	USD 13.3 million	IDR (-55.9 billion)	USD (-3.4 million)
39	Mahkota Group	IDR 5,425 billion	USD 330 million	IDR (-172 billion)	USD (-10 million)
40	Jaya Agra Wattie	IDR 896 billion	USD 54.6 million	IDR (-303 billion)	USD (-18.4 million)
Source: Annual Report, 2023
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Convert Currency from Origin Currency to US Dollar using Currency Rates below
Currency Rates:
1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
1 Malaysian Ringgit (MYR) = 0.23 US Dollar (USD)
Red Columns = Singapore-based oil palm company
Yellow Colums = Malaysia-based oil palm company
Green Columns = Indonesia-based oil palm company

 

All the information about total revenue and net income/loss obtained from Income Statements of Annual Report in 2023. Commonly, an income statement is a financial report that summarizes a company’s revenues, expenses, and profits (or losses) over a specific period. In this article, we showed the business performance of the company in the year 2023 (January to December 2023). Furthermore, all the nominal value is shown in the two different currencies, namely origin currency (Indonesian Rupiah (IDR) and Malaysian Ringgit (MYR)) and US Dollar (converted currency from origin currency into US Dollar)

 

The Brief Description of 15 World’s Largest Palm Oil Companies

 

1. Wilmar International      

Wilmar International Limited, founded in 1991 and still headquartered in Singapore. To date, Wilmar International is one of Asia's leading agribusiness groups specifying in Palm Oil Industries and supported by a multinational workforce of about 100,000 people. Furthermore, In the palm oil agribusiness, the Wilmar group’s business activities include oil palm cultivation, oilseed crushing, and edible oils refining. As of 2023, in palm oil industries, the total production of Fresh Fruit of Bunches reached 4.5 million tons. In addition, Wilmar also has managed a total planted area of oil palm plantation reaching 231,697 hectares (ha) as of 31 December 2023 and all the plantations located in several locations, of 65% is in Indonesia, 26% in East Malaysia and 9% in Africa. In industrial processing, Wilmar has over 1,000 manufacturing plants and an extensive distribution network covering China, India, Indonesia and some 50 other countries and regions.

Financially, according to Wilmar International’s annual report in 2023, this company has total assets of around USD 18,120 million or equivalent to USD 18,120 million with total liabilities of USD 8,556 million or equivalent to USD 8,556 million. In terms of business performance in 2023, Wilmar International gained total revenue of USD 67,155 million or equivalent to USD 67,155 million and successfully gained net income of USD 1,658 million or equivalent to USD 1,658 million.

 

2. Sime Darby Guthrie         

Sime Darby Guthrie still become the largest palm oil company from Malaysia based on planted area and net income in 2023. Officially, this company is headquartered in Petaling Jaya, Malaysia. Until 2023, the total oil palm land area of Sime Darby reached 568 thousand hectares. Of the total land area, there are 295 thousand hectares of oil palm in Malaysia, 182 thousand hectares in Indonesia and the rest in other countries. Furthermore, Sime Darby also has processed plants and facilities of 68 palm oil mills, 11 kernel crushing plants, and 5 R&D centers. In Indonesia, the subsidiary company in managing oil palm of Sime Darby is Minamas Plantation. As of 2023, Minamas Plantation has 64 plantations and 24 factories spread across 8 provinces in Indonesia consisting of Aceh, Riau, Jambi, South Sumatra, West Kalimantan, Central Kalimantan, 5 South Kalimantan, and Central Sulawesi. Statistically, overall, in the year of 2023, Sime Darby Plantation can produce 8.71 million metric tons of fresh fruit bunches (FFB) and 2.21 million metric tons of crude palm oil (CPO).

From the financial perspective, in 2023, based on data from its annual report, the total revenue earned by Sime Darby reached MYR 18.4 billion or equivalent with USD 4.23 billion and managed to achieve a net profit of MYR 1.8 billion or equivalent with USD 0.41 billion. In terms of financial position, the total assets of Sime Darby reached MYR 31.8 billion or equivalent to USD 7,314 million and the total liabilities of Sime Darby reached MYR 11.4 billion or equivalent to USD 2,622 million.

 

3. Kuala Lumpur Kepong    

Started its operation in plantation in 1906, Kuala Lumpur Kepong Berhad is one of the major palm oil companies from Malaysia which has its headquarters in Perak, Malaysia. Operationally, the total oil palm plantation area of Kuala Lumpur Kepong Berhad reaches 348,529 hectares (ha) spreading across Malaysia (Peninsular and Sabah) (116,953 ha), Indonesia (Belitung Island, Sumatra, as well as Kalimantan) (164,110 ha) and Liberia (6,118 ha). In 2023, the production of total fresh fruit brunch reached 5,253,723 tons and CPO was around 1,255,475 tons.

Financially, in the year 2023 according to its annual report, the total revenue achieved by Kuala Lumpur Kepong Berhad reached MYR 23.6 billion or equivalent to USD 5,420 million or equivalent with USD 5.42 billion with a net profit of MYR 0.99 billion or equivalent to USD   220 million. In terms of financial position, Kuala Lumpur Kepong has total assets of MYR 30.1 billion or equivalent to USD 6,923 million with total liabilities of MYR 13.9 billion or equivalent to USD 3,197 million.

 

4. IOI Corporation   

Industrial Oxygen Incorporated Sdn Bhd or commonly known as IOI berhad is one of the palm oil leader companies from Malaysia. Based on its history, the company was founded by Lee Shin Chen in 1969 and is still headquartered in Putrajaya, Malaysia. Based on its area, this company has an oil palm plantation area of 176 thousand hectares. Statistically, in the year 2023, IOI Corporation can produce 2.80 million metric tons of fresh fruit bunches (FFB) and 625,127 million metric tons of crude palm oil.

Furthermore, based on data from the company's Annual Report in 2023, IOI Corporation Berhad managed to get revenue of MYR 9.6 billion or equivalent to USD 2.20 billion with a net profit of MYR 1.1 billion or equivalent to 0.25 billion. Additionally, in terms of financial position, the total assets of Kuala Lumpur Kepong reached MYR 17.9 billion or equivalent to USD 4,117 million and total liabilities achieved MYR 5.9 billion or equivalent to USD 1,357 million.

 

5. FGV

FGV Holding Berhad is one of Malaysia's largest plantation companies, which was established in 1997. Operationally, FGV has its head office in Kuala Lumpur, Malaysia and has a total of 438,867 hectares of oil palm plantation in Malaysia (416,389 hectares (Ha)) and Indonesia (22,578 hectares (ha)), producing 12.69 million MT of Fresh Fruit Bunches (FFB) and 2.62 million tons of CPO in the year of 2023. Financially, in 2023, The FGV Holding Berhad successfully gained revenue of MYR 0.348 billion or equivalent with MYR 0.348 billion or equivalent to USD 80 million with Net Income of MYR 0.099 billion or equivalent to USD  20 million. Furthermore, the total assets of FGV reached MYR 17.2 billion or equivalent to USD 3,956 million and total liabilities of this company in 2023 reached MYR 9.7 billion or equivalent to USD 2,622 million.

 

6. Sinar Mas Agro Resources         

Sinar Mas Agro Resources and Technology (SMART) was an agribusiness oil palm company that was founded in 1962. Sinar Mas Agro Resources and Technology is still a subsidiary of Sinar Mas Group. This Group was founded by Eka Tjipta Widjaja (1921-2019). In the beginning period, the name of SMART was PT Maskapai Perkebunan Sumcama Padang Halaban.

Along with business development, SMART has managed around 134.000 hectares (ha) oil palm plantations in Indonesia, including partnership land area with local farmers. Besides its agronomy activity, Sinar Mas Agro Resources and Technology also process the harvested fruits into some delivered products, namely cooking oil, margarine, shortening, biodiesel, oleochemicals and other derivative products. In processing facilities, Sinar Mas Agro Resources and Technology operates 16 mills with a combined installed annual capacity of 4.35 million tons. In terms of production in 2023, Sinar Mas produced fresh fruit bunches (FFB) reaching 2.41 million tons and 567 thousand tons of Crude Palm Oil (CPO). In Indonesia, some final products from processed palm oil of Sinar Mas Agro Resources and Technology can be found in Filma dan Kunci Mas brands. Many Indonesian people still use these products in the cooking process.

Financially, according to Sinar Mas Agro Annual Report in 2023, this company has total assets around IDR 39,716 billion or equivalent to USD 2,422 million with total liabilities around IDR 20,644 billion or equivalent to USD 3,197 million. Based on business performance in 2023, Sinar Mas Agro can generate total revenue around IDR 66,531 billion or equivalent to USD 4,508 million with net Income around IDR 918 billion or equivalent to USD 55.9 million.

 

7. Salim Ivomas Pratama   

Salim Ivomas Pratama is an agribusiness company owned by Salim Group (Indofood). Historically, this company was founded in 1992. To Date, Anthony Salim led this group of companies. Until 2023, in Indonesia, Salim Ivomas had a total planted oil palm area of 293,429 hectares of oil palm spreading across Riau, North Sumatra, South Sumatra, West Kalimantan, East Kalimantan, Central Kalimantan. In processing facilities, Salim Ivomas Pratama has 27 palm oil mills across Sumatra and Kalimantan with a combined Fresh Fruit Bunches (FFB) processing capacity around 7.2 million tons per annum. In 2023, based on performance, total fresh fruit bunches of Salim reached 3.6 million tons with Crude palm Oil (CPO) production around 708 thousand tons. Some of the final products from Salim Ivomas are consumer cooking oil products under the brands Bimoli, Bimoli Special, and Happy, while consumer margarine products are marketed under the brands Amanda, Palmia, and Royal Palmia.

Financially, in 2023, according to Salim Ivomas Annual Report, this company has total assets around IDR 35,012 billion or equivalent to USD 2,135 million with total liabilities around IDR 13,293 billion or equivalent to USD 1,357 million. Based on the business performance, Salim in 2023 can generate revenue around IDR 16,002 billion or equivalent to USD  976 million with net income around IDR 926 billion or equivalent to USD 56.4 million.

 

8. Genting Plantations        

Genting Plantation was established in 1977 and still has its headquarters in Kuala Lumpur, Malaysia. The founder of the company is Sri Lim Goh Tong. Until 2023, the total oil palm plantations of Genting Plantation reached 243,300 hectares, spanning across Malaysia (64,400 hectares(ha)) and Kalimantan in Indonesia (178,900 hectares (ha)). In addition to statistical production, Genting Plantation produced 2.11 million tons of Fresh Fruit Bunches (FFB) and 586,926 tons of CPO in the year 2023.

 

Financially, in 2023, according to its annual report, the total revenue earned by Genting Plantation reached MYR 2.9 billion or equivalent to USD 0.66 billion while the net profit achieved reached MYR 0.26 billion or equivalent with USD 0.05 billion. Meanwhile, in the financial position aspects, the Genting Plantation has total assets of around MYR 8.5 billion or equivalent to USD 1,955 million with total liabilities of around MYR 3.1 billion or equivalent to USD 2,622 million.

 

 

9. First Resources   

Established in 1992 and still guided by Ciliandra Fangiono, First Resources still managed over 213,421 hectares of oil palm plantations spreading across the Riau, East Kalimantan, and West Kalimantan provinces of Indonesia. Commonly, this company cultivates oil palms, harvesting the fresh fruit bunches (FFB) and milling them into crude palm oil (CPO) and palm kernel (PK). In the year 2023, First Resources successfully produced Total Fresh Fruit Bunches (FFB) reaching 3.5 million tons and Crude Palm Oil (CPO) achieving 951,425 tons.        

Financially, in 2023, according to First Resources’ annual report, First Resources has total assets around USD 1,774 million with total liabilities around USD 3,197 million. Based on the business performance in 2023, First Resources can generate revenue around USD 979 million with net income around USD 144 million.

 

10. Astra Agro Lestari           

Astra Agro Lestari is an agribusiness company that was founded in 1988. This company still became the subsidiary company of Astra International. To Date, Astra Agro Lestari manages an oil palm area of 285,387 hectares spread over the island of Sumatra, Kalimantan, and Sulawesi. From this area, 213,518 hectares are self-managed plantations while 72,229 hectares are partnership plantations with local farmers. Furthermore, in terms of production, total fresh fruit bunches (FFB) of Astra Agro Lestari in 2023 reached 4.3 million tons with total production of Crude Palm Oil (CPO) reaching 1.2 million tons.

Financially, according to Astra Agro Lestari’s annual report in 202 3, Astra Agro Lestari has total assets around IDR 28,846 billion or equivalent to USD 1,759 million with total liabilities around IDR 6,280 billion or equivalent to USD 1,357 million. Based on the business performance in 2023, Astra Agro Lestari can generate revenue around IDR 20,745 billion or equivalent to USD 1,265 million with net income around IDR 1,088 billion or equivalent to USD 66.6 million.

 

11. Tunas Baru Lampung    

Tunas Baru Lampung started the business in 1973 and is still one of the subsidiary companies of Sungai Budi Group. Operationally, Tunas Baru Lampung managed the Oil Palm around 79,820 hectares (Ha) spread over Lampung, South Sumatera, North Borneo. In terms of production aspects, Total fresh fruit bunches (FFB) of Tunas Baru Lampung reached 783 thousand tons. Financially in 2023, Tunas Baru Lampung has total assets around IDR 25,883 billion or equivalent to USD 1,578 million with total liabilities around IDR 17,680 billion or equivalent to USD 2,622 million. Based on the business performance, Tunas Baru Lampung generated revenue around IDR 15,317 billion or equivalent to USD 934 million with Net Income around IDR 612 billion or equivalent to USD 37.3 million.

 

12. Sarawak Oil Palm           

Historically, the incorporation of Sarawak Palm Berhad occurred in 1968. To date, Shin Yang Plantations Sdn. Bhd. (SY Group) together with Pelita Holdings Sdn. Bhd., an investment company of the Sarawak State Government, remains the two majority shareholders of Sarawak Oil Palm Berhad with shareholding percentages of approximately 35% and 28%, respectively. Overall, in 2023, Total planted area of oil palm reached 82,309 hectares (ha) with total production of crude palm oil reaching 390,543 tons and fresh fruit bunches (FFB) achieving 1,960,896 tons.

 

Financially, according to its annual report in 2023, the Sarawak Oil Palm Berhad successfully gained revenue of MYR 5.1 billion or equivalent to USD 1.17 billion and Net Income with MYR 0.42 billion or equivalent to USD 0.09 billion. In terms of financial position according to the Balance Sheet report in 2023, Total Assets of Sarawak reached MYR 5.2 billion or equivalent to USD 1,196 million with total liabilities of around MYR 1.5 billion or equivalent to USD 3,197 million.

 

13. Bumitama Agri

Historically, Bumitama is an Indonesian Palm Oil company which was founded in 1996. Since 2012, this company has listed its shares on the Singapore Exchange. Bumitama Agri managed 187,567 hectares (ha) of oil palm plantation in Indonesia. Furthermore, Bumitama also operates a total of 15 mills with a processing capacity of 6.4 million metric tonnes annually. In terms of production, in 2023, Bumitama Agri successfully produced total fresh fruit bunches (FFB) reaching 3,720,331 tons and crude palm oil (CPO) achieving 1,222,139 tons.

Financially, according to the annual report in 2023, Bumitama has total assets around IDR 19,233 billion or equivalent to USD 1,173 million with total liabilities around IDR 3,796 billion or equivalent to USD 1,357 million. Based on business performance in 2023, Bumitama Agri generated revenue around IDR 15,443 billion or equivalent to USD  943 million and net income around IDR 2,931 billion or equivalent to USD 178 million.

 

14. Dharma Satya Nusantara         

Dharma Satya Nusantara is Indonesia's Palm Oil company that started its business on 29 September 1980. Operationally, as of 2023, Dharma Satya Nusantara still managed 112.700 hectares (ha) of planted oil palm. Most of its plantations are located on Borneo Island. Furthermore, the company has 12 Palm Oil Mills with a capacity of up to 675 tons per hour. In terms of production, Dharma Satya Nusantara successfully produced total fresh fruit bunches (FFB) reaching 2.2 million tons and crude palm oil (CPO) achieving 662 thousand tons.

Financially in 2023, according to its annual report, the company has total assets around IDR 16,178 billion or equivalent to USD 986 million with total liabilities around IDR 7,288 billion or equivalent to USD 2,622 million. Based on the business performance in 2023, Dharma Satya Nusantara can generate revenue IDR 9,498 billion or equivalent to USD 579 million with net income and net Income IDR 841 billion or equivalent to USD 51 million.

 

15. Boustead Plantation 

Boustead Plantation Berhad is a subsidiary of Lembaga Tabung Angkatan Tentera (LTAT) which is The Armed Forces Fund Board is a statutory body which manages the pension fund for certain members of the Malaysian Armed Forces. Operationally, as of 2023, total planted oil palm reached 72,200 hectares (Ha) which is spread across 23,400 ha in Peninsular Malaysia, 38,500 ha in Sabah, and 10,300 ha in Sarawak.

 

Financially, according to its annual report in 2023, Boustead Plantation Berhad successfully gained revenue of MYR 0.851 billion or equivalent to USD 0.19 billion. Furthermore, the Net Income of the company reached MYR 0.035 billion or equivalent to USD 0.008 billion. In terms of financial position in 2023, total assets of Boustead plantation reached MYR 4 billion equivalent to USD 920 million and total liabilities of MYR 1.2 billion equivalent to USD 3,197 million.

 

 

The Summary of 15 World’s Largest Palm Oil Companies in 2023 According to Total Assets

 

The Summary of 15 World’s Largest Palm Oil Companies in 2023 According to Net Income

 

 

 

 

 

Bibliography of 40 World’s Largest Palm Oil Companies in 2023

 

Sime Darby Guthrie. 2024. Annual Report 2023. Accessed via https://www.sdguthrie.com/investor-relations/  on January 5^th, 2025.

Kuala Lumpur Kepong Berhad. 2024. Annual Report 2023. Accessed via https://www.klk.com.my/investor-media/financial-information/   on January 5^th, 2025.

IOI Corporation Berhad. 2024. Annual Report 2023. Accessed via https://www.ioigroup.com/investor-relations/financial-results   on January 5^th, 2025.

FGV. 2024. Annual Report 2023. Accessed via https://www.fgvholdings.com/investor-relations/annual-reports-presentations/   on January 5^th, 2025.

Genting Plantations Berhad. 2024. Annual Report 2023. Accessed via https://www.gentingplantations.com/investor-relations/annual_reports/   on January 5^th, 2025.

Sarawak Oil Palm Berhad. 2024. Annual Report 2023. Accessed via https://sop.com.my/investor-relations/#annual-reports   on January 5^th, 2025.

Boustead Plantation Berhad. 2024. Annual Report 2023. Accessed via https://bousteadplantations.com.my/ir/home.html  on January 5^th, 2025.

United Plantation Berhad. 2024. Annual Report 2023. Accessed via https://unitedplantations.com/investor-relations/   on January 5^th, 2025.

Far East Holding Berhad. 2024. Annual Report 2023. Accessed via https://fehb.com.my/financial-information/annual-reports/  on January 5^th, 2025.

Kim Loong Resources Berhad. 2024. Annual Report 2023. Accessed via https://www.kimloong.com.my/usr/mobile/pagesubmb.aspx?pgid=17  on January 5^th, 2025.

Sinar Mas Agro Resources and Technology. Annual Report 2023. Accessed Via https://www.smart-.com/investor/informasi-keuangan/laporan-tahunan/  on January 5^th, 2025.

Salim Ivomas Pratama. Annual Report 2023. Accessed Via https://www.simp.co.id/InvestorRelation/FinancialStatement.aspx  on January 5^th, 2025.

Astra Agro Lestari. Annual Report 2023. Accessed Via https://www.astra-agro.co.id/informasi-keuangan/ on January 5^th, 2025.

First Resources. Annual Report 2023. Accessed Via https://www.first-resources.com/ir.php  on January 5^th, 2025.

Tunas Baru Lampung. Annual Report 2023. Accessed Via http://www.tunasbarulampung.com/   on January 5^th, 2025.

Dharma Satya Nusantara (DSNG). Annual Report 2023. Accessed Via https://dsn.co.id/id/   on January 5^th, 2025.

Triputra Agro Persada. Annual Report 2023. Accessed Via https://www.tap-agri.com/  on January 5^th, 2025.

Sawit Sumbermas Sarana. Annual Report 2023. Accessed Via https://ssms.co.id/en  on January 5^th, 2025.

PP London Sumatra Indonesia. Annual Report 2023. Accessed Via http://www.londonsumatra.com/Contents/home  on January 5^th, 2025.

Eagle High Plantations. Annual Report 2023. Accessed Via https://www.eaglehighplantations.com/  on January 5^th, 2025.

Sampoerna Agro. Annual Report 2023. Accessed Via https://www.sampoernaagro.com/home  on January 5^th, 2025.

Austindo Nusantara Jaya. Annual Report 2023. Accessed Via https://www.anj-group.com/en/home   on January 5^th, 2025.

Bumitama Agri. Annual Report 2023. Accessed Via https://bumitama-agri.com/  on January 5^th, 2025.

Teladan Prima Agro. Annual Report 2023. Accessed Via https://www.teladanprima.com/  on January 5^th, 2025.

Bakrie Sumatera Plantations. Annual Report 2023. Accessed Via https://www.bakriesumatera.com/ on January 5^th, 2025.

Palma Serasih. Annual Report 2023. Accessed Via https://palmaserasih.co.id/  on January 5^th, 2025.

Jaya Agra Wattie. Annual Report 2023. Accessed Via https://www.jawattie.com/   January 5^th, 2025.

Citra Borneo Utama. Annual Report 2023. Accessed Via https://www.citraborneoutama.co.id/   on January 5^th, 2025.

Jhonlin Agro Raya. Annual Report 2023. Accessed Via https://www.ptjar.com/   on January 5^th, 2025.

Mahkota Group. Annual Report 2023. Accessed Via https://mahkotagroup.com/   on January 5^th, 2025.

Pradiksi Gunatama. Annual Report 2023. Accessed Via https://www.pradiksi.co.id/  on January 5^th, 2025.

Gozco Plantations. Annual Report 2023. Accessed Via http://www.gozco.com/  on July January 5^th, 2025.

Cisadane Sawit Raya. Annual Report 2023. Accessed Via https://www.csr.co.id/  on July January 5^th, 2025.

Wilmar Cahaya Indonesia. Annual Report 2023. Accessed Via https://www.wilmarcahayaindonesia.com/  on January 5^th, 2025.

Pinago Utama. Annual Report 2023. Accessed Via https://www.pinagoutama.com/  on January 5^th, 2025.

Andira Agro. Annual Report 2023. Accessed Via https://www.andiraagro.com/id  on January 5^th, 2025.

Wilmar International. Annual Report 2023. Accessed via https://ir-media.wilmar-international.com/annual-reports/ on January 5^th, 2025.

PT Pulau Subur. Annual Report 2023. Accessed via https://www.pulausubur.com/Hubungan-Investor.htm on January 5^th, 2025.      

FAP Agri. Annual Report 2023. Accessed via https://fap-agri.com/ringkasan-keuangan/ on January 5^th, 2025.

Menthobi Karyatama Raya. Annual Report 2023. Accessed via https://mktr.co.id/informasi-keuangan.php#LT on January 5^th, 2025.