# IOI Corporation: Malaysia's Integrated Palm Oil Major

> IOI Corporation Berhad is a Bursa Malaysia-listed palm oil group that grows, mills, refines and processes palm products into oleochemicals and specialty oils. Its property arm was demerged and separately relisted as IOI Properties Group Berhad in early 2014.

- Category: companies
- Language: en
- Status: published
- Updated: 2026-07-28
- Canonical: https://negaraku.md/en/companies/ioi-corporation

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A company that started life selling industrial gases now grows enough oil palm to fill a landbank the size of a small district — and turns that fruit into everything from cooking oil to the fatty acids inside your soap.

IOI Corporation Berhad is one of Malaysia's largest listed palm oil groups. It was incorporated on 31 October 1969 as Industrial Oxygen Incorporated Sdn Bhd, pivoted into plantations under the late Tan Sri Dato' Lee Shin Cheng, and today trades on Bursa Malaysia under stock code **1961 (IOICORP)**. Its headquarters sit at IOI City Tower 2, IOI Resort City, Putrajaya.

## What does IOI Corporation actually do today?

IOI runs an integrated palm oil business across two reporting segments:

- **Plantation** — growing oil palm, harvesting fresh fruit bunches (FFB) and milling them into crude palm oil (CPO) and palm kernel.
- **Resource-based manufacturing** — the downstream arm that refines palm oil and produces oleochemicals and specialty oils and fats. IOI grew into one of the world's largest oleochemical producers during the 2000s.

A common point of confusion: IOI *property* is no longer part of this company. The property division was demerged and separately listed on Bursa Malaysia as **IOI Properties Group Berhad** (stock code 5249). The relisting was announced in 2013 and completed in early 2014. Both groups trace back to the same Lee family, but IOI Corporation is now a focused palm oil player, fully exposed to CPO price cycles rather than cushioned by real estate.

| Profile | Detail |
|---|---|
| Legal name | IOI Corporation Berhad |
| Incorporated | 31 October 1969 (as Industrial Oxygen Incorporated Sdn Bhd) |
| Founder | Tan Sri Dato' Lee Shin Cheng (1939–2019) |
| Listing | Bursa Malaysia, stock code 1961 (IOICORP) |
| Headquarters | IOI Resort City, Putrajaya, Malaysia |
| Core segments | Plantation; resource-based manufacturing |
| Property arm | Demerged and relisted as IOI Properties Group Berhad (early 2014) |

## How big is its plantation landbank?

IOI's plantation footprint is substantial. According to SPOTT's producer assessment, the group's total landbank was about **214,335 hectares** as of 2024, of which roughly **172,107 hectares** were planted with oil palm. The estates span several Malaysian states — Johor, Malacca, Negeri Sembilan, Pahang, Sabah and Sarawak — plus operations in West and Central Kalimantan, Indonesia.

On the milling side, the group operates a network of company-owned palm oil mills alongside hundreds of third-party supplying mills feeding its refineries. SPOTT records **15 company-owned mills** and **326 third-party supplying mills** as of December 2024.

## What did IOI earn in its latest financial year?

Because IOI is now a near-pure palm oil business, its earnings track the CPO price closely. For the financial year ended **30 June 2024 (FY2024)**:

| FY2024 metric | Figure |
|---|---|
| Revenue | RM9.6 billion (down 17.09% from RM11.58 billion) |
| Net profit | RM1.109 billion |
| Full-year dividend | 9.5 sen per share |
| Q4 plantation segment profit | RM314.2 million |
| Q4 resource-based manufacturing profit | RM142.2 million |

The revenue decline was driven mainly by softer palm oil prices versus the prior year, while net profit held roughly steady at RM1.109 billion (against RM1.11 billion a year earlier). The plantation segment benefited from higher FFB output and oil extraction, partly offsetting weaker prices.

## How sustainable is IOI's palm oil?

Sustainability is central to how IOI is judged by buyers and NGOs. The group has been a member of the **Roundtable on Sustainable Palm Oil (RSPO) since 2004** and achieved its first certification in 2009. SPOTT reports that **14 of IOI's 15 company-owned mills are RSPO-certified**, with certified area covering about **95.8%** of the landbank (roughly 205,336 hectares of the 214,335-hectare total) and a stated commitment to reach full certification.

IOI's record is not spotless: it was suspended from the RSPO for several months in 2016 over sustainability concerns before being reinstated. Beyond RSPO, the group's assessment lists certifications and memberships including Malaysia's mandatory **MSPO**, **ISCC**, and participation in industry initiatives such as the Fire Free Alliance and Earthworm Foundation.

## Where does IOI sit among the palm oil majors?

IOI is routinely grouped with the largest Malaysian planters — alongside names such as Sime Darby and Kuala Lumpur Kepong — as one of the country's flagship integrated palm oil companies. What sets it apart is the depth of its downstream integration: rather than selling only CPO, it captures margin further along the chain through refining, oleochemicals and specialty fats, which can partially buffer the volatility of raw commodity prices.

## What's next

IOI Corporation's trajectory now hinges on two things: the CPO price cycle that drives its plantation earnings, and how quickly it can lift certified sustainable volumes to meet tightening buyer and regulatory demands — including EU deforestation rules that affect all Malaysian palm oil exporters. For the latest audited figures, consult IOI's annual and sustainability reports on its investor relations pages and its Bursa Malaysia filings, since the numbers here reflect FY2024 and will shift with each quarterly result.

## Sources

- IOI Group — History & Milestones — https://www.ioigroup.com/about-us/history-milestones/ (IOI Corporation Berhad)
- IOI Group — Our Founder (Tan Sri Dato' Lee Shin Cheng, 1939–2019) — https://www.ioigroup.com/about-us/our-founder/ (IOI Corporation Berhad)
- IOI Corp posts ninefold rise in 4Q profit, declares five sen dividend — https://www.ioigroup.com/news/ioi-corp-posts-ninefold-rise-in-4q-profit-declares-five-sen-dividend/ (IOI Corporation Berhad)
- IOI Corporation Berhad (IOICORP, stock code 1961) — stock profile — https://www.klsescreener.com/v2/stocks/view/1961 (KLSE Screener)
- IOI Corporation Bhd — Palm oil producer assessment — https://www.spott.org/palm-oil/ioi-corporation-bhd/ (SPOTT, Zoological Society of London)
- IOI Properties relists as a stronger entity — https://theedgemalaysia.com/article/ioi-properties-relists-stronger-entity (The Edge Malaysia)

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