Catalist-listed Oiltek International HQU has secured new contracts worth a total of about RM19.5 million ($5.94 million) from Africa, Central America and Malaysia.
This brings the cumulative new contracts secured to date in the FY2024 ended December to around RM152.3 million in value.
The new contracts involve the design, fabrication, delivery, testing and commissioning of one new physical refinery plant and one new dry fractionation plant; one new neutralisation plant; one new dry fractionation plant; as well as the upgrading and retrofitting of a chemetator refrigerant control system of a texturising plant.
With the addition of these new contracts, Oiltek’s current order book amounts to about RM378.3 million, expected to be fulfilled over the next 18 to 24 months.
Oiltek executive director and CEO Henry Yong Khai Weng says the new contracts secured are part of the company’s continued business efforts to expand geographically to other markets with emerging prospects.
“We will continue our efforts to expand our business globally in order to achieve sustainable growth and higher returns to our shareholders.” says Yong.
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The new contracts are expected to contribute positively to the company’s financial performance in its FY2025.
Shares in Oiltek closed at an unchanged 46 cents on Sept 18.
