Malaysian Tycoon Robert Kuok’s PPB Group Doubles Profit Amid Commodities Boom

PPB Group, controlled by Malaysia’s richest tycoon Robert Kuok, reported that its profit doubled in the first quarter as the Kuala Lumpur-listed conglomerate benefited from robust demand for palm oil and sugar across the region.

Net profit surged to 402.2 million ringgit ($97.2 million) in the first quarter from 187.3 million ringgit a year ago, the company said in a filing to Bursa Malaysia late Friday. The results reflect the robust contribution from PPB’s Singapore-listed agribusiness associate company Wilmar International, which reported record quarterly earnings last month following the strong performance of its plantation and sugar milling businesses.

The strong contribution from Wilmar helped offset losses from PPB’s cinema operations as well as sluggish earnings from the property and construction businesses that have been impacted by government-imposed lockdowns across Malaysia to curb the Covid-19…