Kulim Malaysia Berhad

What Kulim Malaysia Berhad does

Kulim (Malaysia) Berhad is a Johor-based agribusiness group wholly owned by Johor Corporation (JCorp), the state investment vehicle of the Johor state government, with origins in plantation operations dating to 1933. The Group operates across three segments — Plantation, Agrofood, and Digitalisation — anchored by the Plantation business that was consolidated under Johor Plantations Berhad in March 2023 in preparation for a planned 2024 IPO. Kulim manages over 60,000 hectares of oil palm plantation landbank through 23 estates and 5 palm oil mills that process approximately 1.4 million MT of Fresh Fruit Bunches annually, producing Crude Palm Oil and Palm Kernel with operational yields (20.11 MT/ha FFB; 20.83% oil extraction rate) materially above Johor and Peninsular Malaysia industry averages.

Revenue is generated through B2B commodity sales of CPO and palm kernel to refineries, manufacturers, and traders, with an average FY2022 CPO selling price of RM5,177/MT, supplemented by emerging revenue streams from a Palm-Fibre Oil Extraction plant producing red palm oil (estimated RM8M annually), a Sedenak biomethane plant under a 15-year offtake with Gas Malaysia (minimum 250,000 MMBtu/year, RM25M project value), and a 65%-owned dairy JV (Jemaluang Dairy Valley) targeting 5.4 million litres of fresh milk annually. The Group reported FY2022 revenue of RM1.75 billion (up 13.07% YoY) and profit before tax of RM569.12 million, with a conservative 0.62x gross gearing and RM175 million cash position.

Beyond plantations, Kulim operates intensive agrofarming (MD2 pineapples producing nearly 10 metric tonnes daily, smart greenhouse vegetables via a JV with Greenheart Produce), integrated livestock (cattle and sheep for weed control since 2003, plus dairy), and the RM20 million Kulim Agrotech Centre housing five R&D divisions in plant breeding, tissue culture, chemical laboratory, genomics & microbiology, and agronomy. The Group holds RSPO founding-member status with full certification across all estates and mills, MSPO certification, ISO 37001:2016 Anti-Bribery Management System certification, and is targeting net-zero carbon emissions by 2050, with biogas plants already reducing methane emissions by 90%. Distribution is direct B2B, complemented by strategic partnerships for smallholder inclusion (21 outgrowers, 3 RSPO-certified) and identity-preserved traceable palm oil from Sindora Mill.

Name

Kulim Malaysia Berhad

Legal name

Kulim (Malaysia) Berhad

Website

https://kulim.com.my

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Kulim (Malaysia) Berhad is a Johor Corporation-owned agribusiness group operating oil palm plantations, palm oil mills, agrofarming, livestock, and renewable energy across Malaysia, selling crude palm oil, palm kernel, biomethane, and dairy products to B2B food and energy customers.

Ownership category

akta.pro rank

Product category

Palm Oil Plantation & Production

NAICS

Soybean and Other Oilseed Processing (311224), Fats and Oils Refining and Blending (311225), Starch and Vegetable Fats and Oils Manufacturing (31122), Oilseed (except Soybean) Farming (11112)

SIC

Fats & Oils (2070), Agricultural Production-Crops (100)

akta.pro primary industry

Palm Oil Milling, Refining & Fractionation (AFAKAEAB)

akta.pro secondary industries

Edible Oils & Fats Trading/Wholesale (AFAIAKAC), Specialty & Tropical Oils Processing (Avocado, Sesame, Peanut, Rice Bran, Grapeseed) (AFAKAEAE)

Keywords

• Oil palm plantations
• Palm oil milling
• Crude palm oil production
• Agro farming
• Renewable biomass energy

Headquarters

HQ city

Johor Bahru

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Crude Palm Oil (CPO) Sales: Sale of crude palm oil produced from processing Fresh Fruit Bunches (FFB) at company mills. CPO is sold at market prices with average selling price of RM5,177/MT in FY2022.
2. Palm Kernel (PK) Sales: Sale of palm kernel as secondary product from FFB processing. Average selling price of RM3,218/MT in FY2022.
3. Red Palm Oil Production: Palm-fibre oil extraction plant produces red palm oil from mesocarp fibre waste, generating estimated RM8 million annually as new income stream.
4. Biomethane/Bio-CNG Sales: Sale of compressed biomethane gas to Gas Malaysia under 15-year contract, minimum 250,000 MMBtu annually. Project value approximately RM25 million.
5. Livestock Operations: Cattle integration for weed control and sheep farming for additional revenue streams from plantation land.
6. Dairy Products (Upcoming): Jemaluang Dairy Valley project targeting 5.4 million litres of fresh milk annually, expected to contribute to national food security.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Kulim (Malaysia) Berhad operates a vertically integrated agribusiness centred on oil palm plantation management and Fresh Fruit Bunch (FFB) processing into Crude Palm Oil (CPO) and Palm Kernel (PK) across 23 estates and five mills in Johor, Malaysia. It extends downstream into red palm oil extraction, biomethane production from palm oil mill effluent, agrofarming (MD2 pineapples and greenhouse vegetables), and livestock (cattle, sheep and dairy). Revenue is generated primarily through B2B commodity sales to refineries, food manufacturers and gas distributors.

Product overview

Kulim (Malaysia) Berhad is an agribusiness group operating across three core segments — Plantation, Agrofood, and Digitalisation — with over 60,000 hectares of oil palm plantations and 90 years of experience. The Plantation segment, managed by Johor Plantations Berhad (JPG), encompasses 23 RSPO-certified estates and five palm oil mills producing Crude Palm Oil (CPO) and Palm Kernel (PK), alongside renewable energy operations including a biomethane plant and five biogas plants. The Agrofood segment, managed by Kulim Agrofood Sdn Bhd and Farmbyte Sdn Bhd, covers intensive agrofarming (MD2 pineapples, smart greenhouse vegetables), livestock (cattle, sheep, dairy via Jemaluang Dairy Valley JV), and downstream processing including a Palm-Fibre Oil Extraction plant. Digital transformation is enabled through tools such as SAP Ariba for procurement and the KA$H Card cashless estate solution. The group also operates the Kulim Agrotech Centre for R&D in oil palm breeding, tissue culture, genomics, and pineapple cultivation.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Palm Oil (CPO) and Palm Kernel (PK) Crude Palm Oil and Palm Kernel produced from Fresh Fruit Bunches (FFB) at Kulim's five mills in Kluang and Sedenak, Johor, sold to palm oil refineries, oleochemical manufacturers, and commodity traders. FY2022 average selling price RM5,177/MT for CPO and RM3,218/MT for PK; CPO production 295,747 MT in 2021.
• Red Palm Oil (Palm-Fibre Oil Extraction) Red palm oil extracted from mesocarp fibre waste at Kulim's Sedenak palm oil mill using Eonmetall's patented Palm-Fibre Oil Extraction (PFOE) technology. Sold at approximately 85% of CPO price, generating an estimated RM8 million in new annual revenue. Targets food industry customers seeking traceable, sustainably produced red palm oil.
• Biomethane (Bio-CNG) Supply Compressed biomethane (Bio-CNG) produced from palm oil mill effluent (POME) at Kulim Greenergy Sdn Bhd's Sedenak plant and supplied to Gas Malaysia Virtual Pipeline Sdn Bhd for injection into Gas Malaysia Berhad's Natural Gas Distribution System. Minimum 250,000 MMBtu annually under a 15-year contract. Supports national renewable energy and net-zero carbon emissions targets.
• MD2 Pineapple and Fresh Produce (Agrofarm) MD2 pineapples and fresh produce grown on Kulim Agrofood Sdn Bhd's farms in Johor Bahru and Mersing districts, producing nearly 10 metric tonnes of pineapple daily. Sold to Malaysian food manufacturers, retailers and distributors under the National Food Security agenda, with IR4.0/IoT technology for crop management.
• Fresh Milk (Jemaluang Dairy Valley) Fresh milk production from a 275-hectare dairy farm in Jemaluang, Mersing, operated by Jemaluang Dairy Valley Sdn Bhd (joint venture with A2 Fresh Holdings Sdn Bhd). Target 5.4 million litres of fresh milk annually, expected to contribute a 10% increase in Malaysian national fresh milk production over three years. Sold to Malaysian dairy and food industry customers.
• Livestock (Cattle and Sheep) Integrated cattle and sheep farming within Kulim's oil palm plantations, used as natural weed control to improve soil fertility, recycle nutrients and reduce chemical usage. Generates additional revenue from sale of livestock to Malaysian buyers.
• Greenhouse Smart Farming Produce Fresh greenhouse-grown vegetables (capsicum, cherry tomato, chilli, leafy vegetables) produced via Kulim's joint venture with Greenheart Produce Pte Ltd in Sedenak, Johor, using a Greenhouse Smart Farming System with climate management, biological pest control and smart irrigation. Sold to Malaysian food industry customers with ESG-aligned, pesticide-minimised produce.
• Third-Party Estate Management Services Turnkey plantation estate management services provided by Mahamurni Plantations Sdn Bhd (MPSB) to third-party plantation owners, including plantation management expertise, ISO-accredited laboratory services and advisory visits. Air Manis Estate (818 hectares) operated under a one-year renewable annual management agreement.

Quantifiable outcome

• CPO production: 295,747 MT in 2021
• +6 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

14 partnerships are on record, tiered minor, core and growth.

• Waqaf An-Nur Corporation Berhad (WanCorp)minorOthers · 17 April 2023RM50,000 contribution to Tabung Sumbangan Pasca Banjir Negeri Johor for flood relief. WanCorp mobilizes resources for rescue, relief, food supplies, shelter for flood victims.
• A2 Fresh Holdings Sdn Bhd (A2FHSB)coreStrategic or Co-development Partner · 6 April 2023Joint venture in Jemaluang Dairy Valley Sdn Bhd (JDVSB) for 275-hectare dairy farm project in Jemaluang, Mersing. Kulim holds 65% stake, A2FHSB holds 35%. Target of 5.4 million litres fresh milk annually (10% of national production). A2FHSB is subsidiary of Rhone Ma Holdings Bhd.
• East Coast Economic Region Development Council (ECERDC)coreOthers · 6 April 2023ECERDC appointed Jemaluang Dairy Valley Sdn Bhd joint venture to develop, operate, and manage 275-hectare dairy farm project in Jemaluang, Mersing.
• Cerebral Palsy Johor (CPJ)minorOthers · 20 December 2022Built agrotherapy greenhouse for children with cerebral palsy. RM40,000 investment for therapy sessions and income generation through crop sales. Ongoing collaboration with Yayasan JCorp.
• Wild AsiacoreStrategic or Co-development Partner · 12 October 2022Two-year FFB purchase agreement to increase RSPO-certified palm oil production. Wild Asia's WAGS program provides technical support for smallholders to attain RSPO certification. Benefits fair share of RSPO premiums to dealers and smallholders.
• Eng Lee Heng TradingcoreChannel Partner/ Reseller/ Distributor · 12 October 2022FFB purchase agreement partner contributing to sustainable palm oil supply chain. Working with Wild Asia under WAGS program for smallholder certification support.
• Eonmetall Technology Sdn BhdgrowthTechnology or Integration · 8 August 2022Contract with Eonmetall to build palm-fibre oil extraction plant at Sedenak palm oil mill. Eonmetall provides patented PFOE technology. Plant to be operational Q3 2023, generating estimated RM8M annual revenue.
• Southern Catalyst Sdn Bhd (SCSB)minorImplementation/ SI/ Consulting Partner · 16 June 2022Mahamurni Plantations Sdn Bhd signed management agreement to operate SCSB's Air Manis Estate in Sedenak. 818 hectares managed for one year, renewable. Creates synergies and economies of scale.
• Greenheart Produce Pte LtdgrowthStrategic or Co-development Partner · 17 May 2022MoU for smart farming joint venture in Sedenak, Johor. Project uses Greenhouse Smart Farming System with climate management, biological pest control, and smart irrigation. Focus on producing fresh crops including capsicum, cherry tomato, chilli, and leafy vegetables.
• Gas Malaysia BerhadcoreStrategic or Co-development Partner · 2 March 2022Partnership for biomethane supply through Gas Malaysia Virtual Pipeline Sdn Bhd (GMVP). Kulim Greenergy Sdn Bhd supplies compressed biomethane from Tereh and Sindora palm oil mills to be injected into Gas Malaysia's Natural Gas Distribution System. 15-year contract with minimum 250,000 MMBtu annually.
• Lembaga Minyak Sawit Malaysia (MPOB)coreTechnology or Integration · 12 December 2019MoA for Consultancy & Training Services on DNA fingerprinting and molecular technologies. Applications include Suresawit Virescens and Suresawit Shell Kit for oil palm seedling identification, saving up to 5 years of research time.
• Agensi Nuklear MalaysiagrowthTechnology or Integration · 12 December 2019MoU for R&D collaboration in pineapple MD2 variety development. Research cooperation to produce new pineapple varieties with high disease resistance.
• Gas Malaysia Virtual Pipeline Sdn Bhd (GMVP)coreChannel Partner/ Reseller/ Distributor · 8 October 2019Wholly-owned subsidiary of Gas Malaysia Berhad procures biomethane from Kulim Green Energy Venture Sdn Bhd for 15-year contract period. Enables steady supply of green gas to distribution network.
• Virtualflex Sdn BhdgrowthTechnology or Integration · 30 January 2019Virtualflex implemented Cashless Estate solution with KA$H Card for digital payroll and payments. Benefits 500+ foreign workers at Kulim estates. E-wallet with RM20,000 capacity and MasterCard functionality.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Wilmar International Limited: Global agribusiness giant with extensive palm oil sourcing, refining, and branded consumer products. Overlaps with Kulim's CPO supply business and RSPO-certified sourcing but operates at vastly larger scale across multiple geographies and value chains.
• Golden Agri-Resources Ltd: Indonesia-headquartered integrated palm oil major with the world's largest plantation footprint. Overlaps with Kulim on CPO production, RSPO certification, and downstream processing, but operates at significantly larger scale and across wider geographies.

Regional players

• First Resources Limited: Singapore-listed Indonesian-focused palm oil producer with ~200,000 ha. Comparable as integrated RSPO-certified palm oil operator, but Indonesia-centric geographic focus contrasts with Kulim's Malaysian concentration post-divestiture.
• Indofood Agri Resources Ltd: Singapore-listed Indonesian-Singaporean palm oil and agribusiness major. Comparable on integrated upstream-downstream palm oil operations, but operates in different geographies (Indonesia-focused) and has broader food/consumer products exposure.

Direct peers

• Sime Darby Plantation Berhad: Largest Malaysian palm oil producer with ~600,000+ ha, integrated upstream-to-downstream operations, and global refining footprint. Closest direct peer given Kulim's MD Mohd Faris Adli Shukery previously served as Sime Darby Plantation's Regional CEO Sabah. Comparable on RSPO certification, estate-mill integration, and B2B CPO/PK sales.
• Musim Mas Group: Indonesia-Singapore integrated palm oil producer with plantations, milling, refining, and downstream oleochemicals. Comparable on RSPO membership, integrated estate-to-end-product operations, and B2B commodity and specialty oil sales.
• IOI Corporation Berhad: Major Malaysian integrated palm oil company with plantations, milling, and downstream refining. Comparable on RSPO-certified estate portfolio, downstream processing of CPO, and B2B commodity sales to global buyers.
• Boustead Plantations Berhad: Malaysian palm oil plantation operator with ~100,000 ha and RSPO/MSPO certifications. Comparable mid-size integrated plantation business with similar B2B commodity sales channels to Malaysian refiners.
• FGV Holdings Berhad: Malaysian government-linked palm oil and agribusiness company with large estate base, milling, and downstream oleochemicals. Direct comparator for Kulim's JCorp ownership structure, plantation-led business, and Malaysian concentration.
• Kuala Lumpur Kepong Berhad (KLK): Diversified Malaysian plantation group with significant oil palm estates, downstream oleochemicals, and renewable energy exposure. Closely comparable on estate-mill integration, sustainability certifications, and premium downstream products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kulimberhad
• Facebookfacebook.com/kulimberhad

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kulim Malaysia Berhad