Malaysian plantations giant Golden Hope Plantations (GHPB) is planning to expand its operations in Europe. According to a report in the Malaysian National News Agency, the company, one of the top 20 companies listed on the Kuala Lumpur Stock Exchange, wants to establish a new plant for the production of palm oil products. It is expected that the proposal will be referred to the board members shortly.
The company's already owns the second largest oil refinery in Europe, after acquiring the Dutch plant from Unimills. GHPB's European operation concentrates on blending and modifying oils for the margarine and bakery industry and for technical applications. The main markets are Europe and North Africa.
The Malaysian group has been rather busy of late. This year has seen the consolidation of the company's oils and fats operation into a new division called the Oil and Fats division, which integrates all the activities of the group's refineries in the Netherlands, Malaysia, Vietnam and China.
In addition the group has also established a global marketing team dedicated to the edible Oils and Fats division to plan and develop strategic marketing and to support the operating units. The extensive reorganisation comes on the back of some impressive financial results - last year's pre-tax profit was more than double the previous year's figure.
The company believes that the increase in earnings can be largely attributed to favourable palm oil prices and lower production costs.
Golden Hope Plantationsowns and manages more than 170,000 hectares of oil palm, rubber, cocoa, coconut and fruit. The group also undertakes processing and research activities in a range of fields. For example GHPB manufactures glycerine or fatty alcohol, fruit juices and other food-based ingredients.