Catalist-listed Oiltek International HQU has secured new contracts worth a total of RM94.8 million ($27.2 million) from Malaysia, Indonesia and Kenya.
The new contracts bring the group’s current order book to RM400.5 million, which is a new record high. The group’s order book will be fulfilled over the next 18 to 24 months barring any unforeseen circumstances.
The latest contracts will see the group construct, fabricate and install inside-battery-limits equipment and outside-battery-limits infrastructure for a new crude palm oil pretreatment plant, a new biodiesel plant, as well as a new downstream premium specialty animal feed product processing plant. The group will also design, fabricate, deliver, as well as test and commission crystallizer loops for a dry fractionation plant and a new 500MTD alkaline close loop vacuum system.
“These latest contract wins will help to build up our growth momentum, and once again highlight the market’s recognition of the attractiveness of our reliable, innovative, diversified and comprehensive range of process and engineering solutions. We aim to continue the momentum of contract acquisitions from last year in order to grow our project pipeline which will help to further boost our growth and returns to shareholders,” says Henry Yong Khai Weng, executive director and CEO of Oiltek.
The new contracts are expected to have a positive impact on the group’s financial performance for the FY2024 ending Dec 31.
Shares in Oiltek closed at 34 cents on May 31.
