Indonesian Palm Oil News (IPO News) – Palm oil is one of the plantation commodities which has an important role in the Indonesian economy. Apart from being the largest foreign exchange-producing commodity, its contribution to the national economy is relatively great and broad, starting from the absorption of labor, improving people’s welfare, regional development until technology transfer. In addition, its investment flow and contribution are also one of the mainstay strengths in receiving regional and central government revenues.
The results of a survey conducted by IPO News in the last ten years (2015-2024) show that oil palm plantation areas in Indonesia have been controlled by more than 50 conglomerate group companies, both domestic and foreign. Local companies which control the largest palm oil areas include Sinarmas Group, Salim Group, Musim Mas Group, Asian Agri Group, Astra Agro Group, Bakrie Group, Darmex Group, ANJ Group, Makin Group, Permata Hijau Group, Rajawali Group, Sampoerna Group, PTPN III Group, Sungai Budi Group, Teladan Prima Group, Triputra Group, SIPEF Group and many other conglomerate companies.
In the last decade, the domestic oil palm business has experienced rapid growth. Even during Covid 19, where many industries experienced a declining performance, the palm oil business actually showed increased performance.
Based on the research of IPO NEWS research that in 2020 during the COVID-19 pandemic, large palm oil group companies still managed to increase their revenue. In the first position was WILMAR Group with revenue of US$ 50.52 billion, followed by MUSIM Mas Group, which is predicted to be Rp. 43.02 trillion, SINAR MAS Group of Rp. 40.43 trillion, ASIAN Agri Group is predicted to be Rp. 18.92 trillion, ASTRA Agro Group of Rp. 18.80 trillion, SALIM Ivomas Group of Rp. 14.47 trillion and others, such as SIME DARBY Group, FIRST RESOURCES Group, CARGILL Group, TUNAS Baru Lampung Group, DHARMA Satya Nusantara Group, BUMITAMA Gunajaya Agro
Group, TRIPUTRA Agro Group, SAWIT Sumbermas Sarana Group, MAHKOTA Group, SUMBER Tani Agung Group, SAMPOERNA Group, AUSTINDO Nusantara Jaya Group, SIPEF Group, KLK Group, FAP Group. Meanwhile, the performance of PTPN Group, although still experienced losses, the performance of some of its subsidiaries was positive, such as PTPN II, PTPN IV, PTPN V.
The high revenues and profits of these palm oil companies have caused their assets to soar thereby increasing the wealth of their owners, some of whom are among the richest people in Indonesia. In this edition, IPO NEWS tries to collect data on the list of the 5 wealthiest businessmen.
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