PETALING JAYA: PPB Group Bhd recently appointed Datuk Kuok Meng Xiong as its new managing director, succeeding Lim Soon Huat, who retired after nearly two decades with the Malaysia-listed conglomerate.
Kuok, who formally assumed the position on Sept 1, is the managing director of Kuok Brothers Sdn Bhd and an alternate director on the board of Kuok (Singapore) Ltd.
He previously held senior leadership and executive positions with Shangri-La Group, overseeing hotel operations, project development and new business expansion across China and Hong Kong SAR, South Asia and Central Asia.
He is also founder and managing director of Singapore-based venture capital firm K3 Ventures.
Kuok, whose appointment follows a planned succession at PPB, joined the board as a non-independent non-executive director on March 2 this year.
“PPB Group has strong foundations built over many decades. My commitment is to build on these strengths, work closely with our people and continue creating sustainable long-term value for our stakeholders,” said Kuok in a statement.
Meanwhioe, Jeremy Goon, CEO and director of FFM Bhd, an 80%-owned subsidiary of PPB, has assumed the role of executive director and will work with Kuok and the leadership team on the group’s businesses and long-term growth.
Lim will continue to support PPB in an advisory capacity to the board after his retirement.
Incorporated in Malaysia in 1968, PPB is listed on the Main Market of Bursa Malaysia. Its core businesses are grains and agribusiness, consumer products, film exhibition and distribution, and property.
The group also has investment operations, including its 18.8% interest in Wilmar International, which is one of Asia’s largest integrated agribusiness groups.
PPB also owns Golden Screen Cinemas, which accounts for more than half of Malaysia’s domestic box-office collections.
PPB operates in Malaysia, China, Vietnam, Thailand and Singapore, with more than 6,000 employees in its Malaysian operations.
The change at the top comes after a weaker first half for PPB.
For the six months ended June 2026, revenue fell 4% to RM2.6 billion while profit before tax dropped 12% to RM639 million.
Net profit fell 13% to RM572 million, with earnings per share at 40.2 sen compared with 46.1 sen a year earlier.
The decline was mainly due to lower contributions from Wilmar and PPB’s core businesses.
Wilmar contributed RM451 million, down 6%, while the core business segments contributed RM188 million, down 23%.
The grains and agribusiness segment, PPB’s biggest business by revenue, saw revenue fall 9% to RM1.76 billion and segment profit decline 18% to RM156 million.
The film exhibition and distribution business also had a weaker first half, with revenue down 9% to RM310 million and segment profit falling 55% to RM15 million.
PPB attributed the decline mainly to lower net box-office collection and concession income due to a weaker slate of blockbuster titles, as well as higher operating costs.
The cinema business did, however, return to profit in the second quarter, making RM21.9 million compared with a RM7.3 million loss in the first quarter.
PPB expects a stronger pipeline of Hollywood and local films in the second half and plans to enhance its cinema offerings, optimise screening strategies and diversify non-ticket revenue streams.
The consumer products segment saw revenue rise 21% to RM490 million, driven by contributions from Min Tien Group and Eggtech Manufacturing Sdn Bhd, acquired in the third quarter of 2025 and first quarter of 2026, respectively.
However, the segment recorded a RM2.1 million loss compared with a RM2.8 million profit a year earlier, due to lower sales volume for certain staple food products and higher trade promotion expenses.
PPB declared an interim dividend of 13 sen per share for the financial year ending Dec 31, payable on Sept 25.
