Brand VerifiedMalaysia

Industrial Oxygen Incorporated Sdn Bhd ( IOI Group )

IOI Group

Industrial Oxygen Incorporated Sdn Bhd is the Malaysian industrial gas company incorporated on 31 October 1969 that became the founding company of the IOI business group; IOI's own company history records that "the foundation of IOI Group was laid in 1969 with the establishment of Industrial Oxygen Incorporated Sdn Bhd", an entry into the industrial gas business.
The company is Malaysian and registered in Malaysia under the Companies Act as a private company limited by shares, with its original activity in industrial gas - the production, supply and trading of gases such as oxygen and nitrogen for industrial customers.
Its scale today cannot be stated as a gas company: IOI's official 1969 incorporation registration number 196901000607 (9027-W) is the number used by IOI Corporation Berhad, the Bursa Malaysia-listed palm oil group. In 1982 Tan Sri Dato' Lee Shin Cheng acquired a controlling interest in Industrial Oxygen Incorporated (IOI), and IOI describes that acquisition as the springboard for its move into oil palm plantations. A separate industrial gas producer, Nissan-Industrial Oxygen Incorporated Berhad, was listed in 1997 and divested by IOI to Malaysian Oxygen Berhad in 2002, when the group announced its exit from non-palm-related manufacturing. What remains of the 1969 entity today operates as IOI Corporation Berhad, an integrated palm products and ingredients group employing over 28,000 people across more than 80 countries of distribution, with plantation, resource-based manufacturing and renewables businesses.
Its historical significance is therefore structural rather than sectoral: it is the industrial gas business whose acquisition launched one of Malaysia's largest listed conglomerates, and the name behind the group's "IOI" acronym.

Business Nature

Dual business model combining proprietary brand operations with contract manufacturing OEM. Proprietary brand: "Oleon" acquired from Wilmar International's European specialty fats and oils brand. Contract manufacturing: Customized industrial fats for global food industry leaders e.g., chocolate compound fats for Nestlé. Production facilities: Malaysia Johor, Sabah, Indonesia Sumatra, China Zhangjiagang, Xiamen, Netherlands.

Core Business Areas

Industrial Specialty Fats core products: hydrogenated palm oil, shortening, margarine Oleochemical Derivatives fatty acids, glycerin, vegetable waxes Functional Oils & Fats cocoa butter substitutes, MCT oil Solid/Semi-Solid Fats palm stearin, palm kernel oil Sustainable Innovation Fats biodiesel feedstock oils

Industry Rankings

8Manufacturer Rankings in the Cooking Oil Suppliers Industry

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8Edible Fats & Oils Industry Suppliers Ranking

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Corporate Report

IOI Group is a globally leading integrated palm oil company headquartered in Selangor, Malaysia. With a fully vertically integrated supply chain spanning plantations, processing, refining, and specialty products, the company operates across more than 100 countries and generated approximately 15 billion MYR in revenue in fiscal year 2024. The group employs approximately 30,000 workers worldwide and maintains one of the industry's most comprehensive production networks.

Core Business

IOI Group operates as an integrated palm oil enterprise with crude palm oil, refined palm oil, and fractionated products forming the absolute core of its business. The company leverages world-leading oil refining technology and continuously innovates its oil product portfolio to serve industrial clients and food manufacturers globally. Its specialty fats division supplies customized fat solutions for the food industry, representing a significant growth driver with 2 million tons of annual specialty fat capacity. The group also produces palm-based chemicals and consumer-branded edible products, maintaining a diversified business model while remaining firmly focused on palm oil and its derivatives.

A key differentiator lies in the company's commitment to certified sustainable palm oil, with RSPO-certified sustainable palm oil and organic-certified fat products comprising an increasingly important share of its portfolio. This positions IOI Group at the forefront of meeting global demand for responsibly sourced palm oil while maintaining its position as an indispensable B2B supplier to industrial customers and food manufacturers worldwide.

Global Presence

IOI Group maintains an extensive global footprint with operations spanning more than 100 countries across Asia, Europe, the Americas, and Africa. The company manages 229,000 hectares of plantations primarily in Malaysia and Indonesia, supported by 25+ processing facilities, 15 refineries strategically located in major global markets, and 8 specialty fat plants in Malaysia and Europe. With approximately 30,000 employees, the group's Asian markets contribute 60% of revenue, while other regions account for the remaining 40%, reflecting a balanced global diversification strategy.

Key Strengths

IOI Group's competitive advantage is anchored in its unparalleled fully integrated supply chain, which stretches from upstream plantations through midstream processing to downstream specialty products, delivering superior cost control and supply chain stability. The company demonstrates industry-leading technology innovation with substantial R&D investment representing 2.0% of revenue, combined with a robust intellectual property portfolio. Its sustainability practices set the industry benchmark, with RSPO certification coverage exceeding 90%, positioning IOI Group as the global standard-bearer for environmentally responsible palm oil production.

VerityRank Score

VerityRank Score of 77/100

VerityRank Score

77/ 100

Based on market presence, financial scale, operational capacity, and brand strength.

Quick Facts

Headquarters

Putrajaya, Selangor, Malaysia

Founded

1969

Employees

4K+

Factories

25+ Processing Plant

Listing

Publicly Listed

Data Sources & Methodology

This corporate profile is compiled from publicly available sources including company annual reports, SEC/regulatory filings, official press releases, and verified third-party industry databases. Financial figures reflect the most recent fiscal year disclosures and are cross-validated across multiple independent references.

VerityRank Score is calculated using a proprietary multi-dimensional model evaluating market presence, financial strength, operational scale, innovation capacity, and brand influence. Individual dimension scores are normalized against industry peers and updated quarterly.

Disclaimer: This profile is for informational purposes only. VerityRank makes no warranties regarding completeness or timeliness. This content does not constitute investment advice or endorsement.

Key references: MYX : 1961

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