Oiltek International hits another record order book high of RM430.9 mil following new contract win

The new contract is expected to contribute positively to Oiltek’s financial results for the FY2024.

Catalist-listed Oiltek International Hqu announced, on July 2, that it has secured a new contract win of two dry fractionation plants under its wholly-owned subsidiary, Oiltek Sdn. Bhd.

This new contract brings the group’s current order book to RM430.9 million ($123.96 million), marking Oiltek International’s second consecutive record high. The group’s order book will be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.

The latest contract involves the design, fabrication, and delivering of a new 550 metric tons per day (MTD) dry fractionation plant for producing refined, bleached, and deodorised palm olien at an iodine value (IV) of 56, as well as a new 350MTD dry fractionation plant for the producing of palm mid fraction at IV45.

“This achievement highlights the market recognition of our reliable, innovative, diversified and comprehensive range of process and engineering solutions. We remain dedicated to expanding our business, focusing on delivering substantial growth and higher returns to our shareholders,” says Henry Yong Khai Weng, executive director and CEO of Oiltek.

The new contract is expected to have a positive impact on the group’s financial performance for FY2024 ending Dec 31. 

As at 3.12pm, shares in Oiltek are trading 3 cents up or 6.52% higher at 49 cents.