FYE 2024 TSH RESOURCES' REVENUE WAS RM1.02 BILLION, PRE-TAX PROFIT WAS RM237.3 MILLION

Datuk Kelvin Tan Aik Pen, 67, was redesignated as Executive Chairman of TSH Resources Berhad, a Sabah based plantation company he founded, with effect from 1 September 2024. He is TSH's single largest shareholder (26.55%). 

Datuk Kelvin started business as a cocoa trader in Bagan Datoh, Perak in 1977. Anticipating that national production of cocoa would be centered in the east coast of Sabah, he made a step to expand to Tawau in 1986. He pioneered the integrated concept of cocoa business with both upstream sourcing and downstream processing. In 1988, CocoaHouse Industries Sdn. Bhd., a joint venture with the Commonwealth Development Corporation of UK, set up a cocoa butter/powder processing plant in Port Klang. In the 1990s he established oil palm plantations and palm oil mills in Sabah. To enhance the economic and environmental sustainability of TSH’s oil palm business, a biomass cogeneration plant was built in 2004. In 2006, TSH-Wilmar Sdn. Bhd., a downstream palm oil refinery joint venture was set up with Wilmar as a partner. Datuk Kelvin, with business entrepreneur Garibaldi Thohir, expanded TSH’s operations to Indonesia in 2003. The TSH Group now has 39,000 Ha of oil palm and 5 palm oil mills (1 in Sabah and 2 each in Kalimantan and Sumatera, Indonesia), transforming TSH into a regional integrated oil palm plantation player with upstream and downstream activities. Garibaldi Thohir is the CEO and a significant shareholder of Adaro Energy. 

The Group is also involved in the manufacturing and marketing of engineered hardwood flooring, managed by its wholly-owned subsidiary, Ekowood International Berhad, operating from its factory and office in Gopeng, Perak. These products are distributed within Malaysia, mainly catering to residential development projects, and are also exported to major international markets, including the United States, Europe and Australia.

TSH was listed on the Second Board of Bursa Malaysia in 1994, before transferring to the Main Board in 2000. Datuk Kelvin  spearheaded the secondary listing of TSH on the Main Board of Singapore Exchange Securities Trading Limited in September 2023.

Dato' Kelvin's brother, Tan Aik Kiong, 64, is ED of TSH and concurrently is MD of listed Innoprise Plantations Berhad of which TSH has a 21.94% stake. He holds a Masters Degree in Civil Engineering, Oklahoma State University, USA and has more than 30 years experience in resource-based industries. 

For FYE 31 December 2024 Innoprise Plantations reported revenue of RM276.8 million and pre-tax profit of RM113.55million. 

Sources

1. TSH Resources Berhad. Board of Directors. https://www.tsh.com.my/board-of-directors/kelvin-tan-aik-pen/
2. KLSEScreener. TSH Resources Berhad. 2021 Annual Report. https://www.klsescreener.com/v2/announcements/view/3538919
3. TSH Resources Berhad. https://www.tsh.com.my/board-of-directors/kelvin-tan-aik-pen/
4. Market Screener. 30 August 2024. https://www.marketscreener.com/quote/stock/TSH-RESOURCES-6491568/news/Tsh-Resources-Berhad-Announces-Redesignation-of-Datuk-Kelvin-Tan-Aik-Pen-from-Non-Executive-Chairman-47772489/
5. Tatler. https://www.tatlerasia.com/people/my-kelvin-tan
6. The Edge Malaysia. 14 August 2019. Syahirah Syed Jaafar. https://theedgemalaysia.com/article/tan-aik-kiong-takes-helm-innoprise-plantations-brother
7. Innoprise Plantations Berhad. 2023 Annual report. https://cdn1.i3investor.com/my/files/st88k/6262_INNO/annual/2023-12-31/6262_INNO_AnnualReport_2023-12-31_IPB_AR2023_1007354751.pdf
8. Yahoo! Finance. 26 December 2023. https://finance.yahoo.com/news/52-ownership-shares-innoprise-plantations-054310160.html?fr=sycsrp_catchall
9. Innoprise Plantations Berhad. 2020 Annual Report. https://innoprise.com.my/wp-content/uploads/2021/05/Innoprise-AR2020_For-Bursa-compressed.pdf
10. i3investor. 19 May 2023. https://klse.i3investor.com/web/corporatefigure/detail/9059?id=9059-21966-214149039
11. The Edge. 30 November 2016. Chong Jin Hun. https://theedgemalaysia.com/article/tsh-says-privatise-ekowood-improve-its-financial-performance
12. TSH Resources Berhad. 2024 Annual Report. https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=241113&name=EA_DS_ATTACHMENTS
13. Innoprise Plantations Berhad 2024 Annual Report. https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=241564&name=EA_DS_ATTACHMENTS