TSH Resources

What TSH Resources does

TSH Resources Berhad is a publicly listed Malaysian palm oil producer, founded in 1979 as Tan Soon Hong Enterprise and headquartered at Menara TSH in Kuala Lumpur. The company operates an integrated upstream-to-downstream palm oil business across Malaysia and Indonesia, with 51,000+ hectares of planted oil palm, four palm oil mills in Indonesia (Kalimantan and Sumatera) plus one mill in Sabah, and a downstream joint venture with Wilmar International Ltd. established in 2006 that operates a refinery, fractionation plant, and palm kernel crushing facility in Tawau, Sabah. Its primary products are crude palm oil (CPO) and palm kernel, sold B2B to refiners, processors, and commodity traders, with FY2025 CPO production of 207,142 metric tonnes from 1,023,280 metric tonnes of FFB processed; in Malaysia, at least 85% of FFB is sourced from third-party suppliers and smallholders.

The company's technology base centers on the Bio-Integration Complex in Kunak, Sabah, which combines a 14MW biomass cogeneration plant (Malaysia's first grid-connected biomass plant, 2005) with biogas capture from palm oil mill effluent (POME), a FFB GPS traceability system covering all supplier plots, and a 100-year Sustainable Forest Management License Agreement (SFMLA 7/97) covering 95,010 hectares of Ulu Tungud Forest Reserve with LiDAR carbon monitoring. TSH generates renewable energy sold to Sabah Electricity Sdn Bhd under a Renewable Energy Power Purchase Agreement (REPPA).

The revenue model is primarily transaction-based CPO and palm kernel sales, supplemented by recurring renewable energy revenue from the REPPA and transaction-based downstream revenue from the Wilmar JV. Customer concentration centers on the Wilmar JV as a captive offtake channel; broader sales target global sustainable palm oil buyers, with 100% MSPO, ISPO, ISCC-EU, and TLAS certifications achieved across all operations in FY2025. The Indonesia operations are managed in partnership with Garibaldi Thohir of the Adaro Group, which has supported the company's expansion into Kalimantan and Sumatera since 2003.

Name

TSH Resources

Legal name

TSH Resources Berhad

Website

https://tsh.com.my

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

TSH Resources Berhad is a publicly listed Malaysian palm oil producer with 51,000+ hectares of plantations and five mills across Malaysia and Indonesia. It produces crude palm oil, palm kernel, refined products via a Wilmar joint venture, and renewable energy.

Ownership category

akta.pro rank

Product category

Palm Oil and Plantation Products

NAICS

Starch and Vegetable Fats and Oils Manufacturing (31122), Forest Nurseries and Gathering of Forest Products (11321)

SIC

Fats & Oils (2070), Cogeneration Services & Small Power Producers (4991), Forestry (800)

akta.pro primary industry

Palm Oil Milling, Refining & Fractionation (AFAKAEAB)

akta.pro secondary industry

Supply Chain Sustainability & Responsible Sourcing (SMETA, supplier ESG) (EUAHAJAE)

Keywords

• Sustainable palm oil
• Crude palm oil production
• Oil palm plantation
• Biomass renewable energy
• Forest management services

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Others

Revenue model

1. Crude Palm Oil (CPO) and Palm Kernel Sales: TSH processes Fresh Fruit Bunches (FFB) from its own plantations and third-party suppliers through its palm oil mills. The primary revenue stream is the sale of crude palm oil (CPO) and palm kernel to domestic and international buyers. In Indonesia, 4 TSH Palm Oil Mills process FFB from own plantations and scheme smallholders (Plasma). In Malaysia, at least 85% of FFB processed is sourced from third-party suppliers. All FFB is fully traceable.
2. Renewable Energy (Biomass & Biogas): TSH generates renewable energy from biomass (empty fruit bunches, palm kernel shells, mesocarp fibres) and biogas (captured from POME) through its Bio-Integration Complex in Kunak, Sabah. In 2005, the complex became Malaysia's first biomass power plant connected to the national grid, supplying green electricity under a REPPA with Sabah Electricity Sdn Bhd. Energy is sold back to the grid, providing a recurring revenue stream.
3. Palm Oil Refining, Fractionation and Kernel Crushing (Joint Venture): Through a joint venture with Wilmar International Ltd., TSH operates a palm oil refinery, fractionation plant, and palm kernel crushing plant in Sabah. This downstream joint venture processes CPO into refined products for distribution to end markets, generating transaction-based revenue from product sales.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

TSH Resources Berhad is a vertically integrated palm oil producer that cultivates oil palm across 51,000+ hectares of plantations in Malaysia and Indonesia, processes Fresh Fruit Bunches (FFB) through five palm oil mills to produce crude palm oil (CPO) and palm kernel, and operates a downstream refinery joint venture with Wilmar International. The company also generates renewable energy from biomass and biogas at its Bio-Integration Complex in Kunak, Sabah, and manages 95,010 hectares of forest reserve under a 100-year Sustainable Forest Management License.

Product overview

TSH Resources Berhad operates as a vertically integrated palm oil producer with upstream plantation operations (oil palm cultivation across 51,000+ hectares in Malaysia and Indonesia), midstream palm oil milling (4 mills in Indonesia plus operations in Malaysia), and downstream refining (joint venture with Wilmar). The company's renewable energy segment includes biomass and biogas power generation from palm oil by-products, with a 14MW biomass cogeneration plant at Kunak. The Bio-Integration Complex in Kunak, Sabah maximizes value from bio-waste products. TSH also manages sustainable forestry operations through a 100-year license agreement covering 95,010 hectares of forest reserve.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Palm Oil (CPO) Crude palm oil extracted from Fresh Fruit Bunches (FFB) at TSH's palm oil mills, processed from company-owned plantations and third-party suppliers. Sold to downstream palm oil refiners and processors.
• Palm Kernel Palm kernel extracted during the milling process, processed through crushing facilities to produce palm kernel oil and palm kernel cake. Sold to refiners and processors.
• Refined Palm Oil Products Refined palm oil products produced through TSH's joint venture with Wilmar International, including refined, bleached, and deodorized (RBD) palm oil, palm stearin, and palm olein for distribution to end markets.
• Biomass Energy Biomass energy generated from palm oil processing by-products (empty fruit bunches, palm kernel shells, mesocarp fibers) used as fuel to generate steam and electricity, sold to the national grid under a REPPA with Sabah Electricity Sdn Bhd.
• Biogas Energy Biogas captured from palm oil mill effluent (POME) that converts methane into electricity or heat, reducing dependence on fossil fuels and preventing greenhouse gas emissions. Part of TSH's renewable energy portfolio.
• Fresh Fruit Bunches (FFB) Supply Fresh Fruit Bunches sourced from company-owned plantations in Malaysia and Indonesia as well as from third-party suppliers and scheme smallholders (Plasma), fully traceable to source via GPS location tracking.
• Sustainable Forest Management Sustainable forest management of 95,010 hectares in Ulu Tungud Forest Reserve, including natural forest management (~50,000 Ha), industrial tree plantations (~10,000 Ha), and conservation areas (28,375 Ha reclassified as Class I Protection Forest in 2016). Carbon stocks monitored via LiDAR assessments.

Quantifiable outcome

• GHG emission intensity reduced to 1.03 tCO2eq/tCPO in FY2025 (from 1.22 in FY2024)
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Wilmar International Ltd.coreStrategic or Co-development Partner · 1 January 2006TSH formed a joint venture with Wilmar International Ltd. in 2006 to operate a palm oil refinery, fractionation plant, and palm kernel crushing plant in Tawau, Sabah, Malaysia. TSH supplies CPO from its upstream plantation and mill operations to the joint venture for downstream processing. The refinery commenced operations in December 2006 and represents TSH's key downstream diversification initiative.
• Garibaldi Thohir / Adaro GroupcoreStrategic or Co-development Partner · 1 January 2003Garibaldi Thohir, CEO and significant shareholder of the Adaro Group of Companies, has been TSH's business partner in all Indonesian oil palm ventures since 2003. TSH expanded into Indonesia in partnership with Thohir, establishing PT Andalas Agro Industri and subsequent Indonesian subsidiaries. Thohir and Adaro support TSH's 36,000+ hectare Indonesian oil palm operations across Kalimantan and Sumatera, with four operational palm oil mills.
• Sabah Electricity Sdn Bhd (subsidiary of Tenaga Nasional Berhad)coreOthers · 1 January 2002In 2002, TSH Bio-Energy Sdn. Bhd. entered into a Renewable Energy Power Purchase Agreement (REPPA) with Sabah Electricity, enabling TSH to supply green electricity from its biomass and biogas power plants to the national grid. The 14MW biomass cogeneration plant in Kunak was Malaysia's first biomass power plant connected to the national grid in 2005.
• Innoprise Plantations BerhadminorOthersInnoprise Plantations Berhad is an associate company of TSH Resources Berhad. TSH manages more than 12,000 hectares of oil palm under Innoprise Plantations Berhad, representing an extension of TSH's plantation footprint in Malaysia.

Scale indicators13 records

Recent moves9 records

Expansion highlights12 records

Direct peers

• First Resources Limited: Singapore-listed Indonesian palm oil planter with integrated plantation, milling, and downstream operations. Comparable scale and business model to TSH's Indonesian operations, with similar emphasis on sustainability certifications.
• IOI Corporation Berhad: Major Malaysian palm oil group with integrated plantation, milling, and downstream refining (oleochemicals and specialty fats). Comparable to TSH in its upstream-midstream-downstream integration model and sustainability positioning.
• Wilmar International Limited: Global agri-business giant and TSH's joint venture partner in the Tawau refinery. World's largest palm oil refiner and a major buyer of CPO from upstream producers including TSH; serves as both customer and strategic partner.
• Genting Plantations Berhad: Malaysian-listed palm oil planter with operations in Malaysia and Indonesia, plus biotechnology and downstream activities. Similar geographic footprint and upstream business model to TSH.
• Sime Darby Plantation Berhad: Malaysia's largest palm oil planter with vertically integrated upstream plantations, mills, and downstream refining across Malaysia, Indonesia, and other geographies. Closest direct peer to TSH given overlapping business model, geographic footprint, and sustainability certification focus (MSPO, ISCC, RSPO).
• Astra Agro Lestari Tbk: Indonesian palm oil planter with extensive plantation holdings across Kalimantan and Sumatera plus CPO mills. Closely comparable to TSH's Indonesian operations in geography, scale, and integration model.
• Kuala Lumpur Kepong Berhad (KLK): Diversified Malaysian plantation group with significant oil palm operations in Malaysia and Indonesia plus downstream oleochemical manufacturing. Directly comparable to TSH on geographic footprint and integration model.

Broad incumbents

• Golden Agri-Resources Ltd: Indonesia-listed, Sinar Mas-affiliated palm oil conglomerate with extensive upstream plantations and downstream operations. Larger and more diversified than TSH but competes directly in CPO supply and sustainable-certified palm oil markets.
• FGV Holdings Berhad: Malaysian government-linked palm oil group with extensive upstream plantations, mills, downstream refining, and renewable energy operations. Larger and more diversified than TSH, with comparable vertical integration and sustainability positioning.

Regional players

• Boustead Plantations Berhad: Malaysian-listed palm oil planter focused on Peninsular Malaysia and Sabah operations with both plantation and mill segments. Smaller and more geographically concentrated than TSH but with overlapping business activities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tsh-resources-bhd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries17 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 TSH Resources