The Singapore-based firm, which listed in Singapore in August 2006 through a $1.29 billion reverse takeover of Ezyhealth Asia Pacific, has seen its fortunes soar in tandem with palm oil prices and the rise of China.

Wilmar is now Asia's leading agri-business and the world's largest-listed palm oil processing firm by market value. It was also the star performer in Singapore last year in terms of increased dollar value.

Its market capitalisation has soared to $34.42 billion, an astonishing leap from the $6.16 billion it recorded at the end of 2006.

It is now Singapore's second- largest firm by market value, jumping from its 19th place last year to overtake banking giant DBS Group Holdings.

Its shares rose 40 cents to $5.60 yesterday.

The company was founded in 1991 by Mr Kuok Khoon Hong, the nephew of Malaysian tycoon and 'Sugar King' Robert Kuok, as a palm oil trading company.

The younger Mr Kuok, Wilmar's chairman and chief executive, has spearheaded growth and expanded the business.

He helped lead an ambitious US$4.3 billion (S$6.2 billion) merger and restructuring exercise that propelled the firm forward, turning it into one of Asia's leading agri-business groups.

The merger was with the Kuok Group's palm plantation, edible oils, grains and related businesses.

A restructuring completed last June allowed it to acquire the edible oils, grains and related businesses of parent company Wilmar Holdings.

These moves have paid off. Wilmar International reported a 175 per cent increase in net profit to US$195.1 million for the third quarter ended Sept 30, its first full quarter since the completion of the merger.

Wilmar has also 'benefited from positive business conditions arising from strong crude palm oil prices and robust demand for grains and edible oils in major consumer markets like China and India,' said Mr Kuok.

Strong import demand from China and India, as well as record- high crude oil prices are expected to give palm oil, which is used in food and alternative fuels, another price boost this year.

Wilmar's most recent developments include a joint venture with Olam International to invest in integrated palm oil, natural rubber and sugar businesses in Africa.

This will allow it to tap into the continent's economic growth and growing importance as an agriculture producing and processing region.

It plans to increase oil palm plantation acreage, and further expand its merchandising and processing capability, as well as develop its business in China and other emerging markets.

yanghw@sph.com.sg