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Crude palm oil export restrictions creating demand for Oiltek’s services

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Benjamin Cher

Benjamin Cher

Published Mon, Feb 13, 2023 · 05:50 AM
    • Oiltek chief executive, Henry Yong says that the current order book is one of the highest the group has seen.
    • Oiltek chief executive, Henry Yong says that the current order book is one of the highest the group has seen. PHOTO: OILTEK

    A SHORTAGE of cooking oil and export restrictions on crude palm oil in Indonesia are driving demand for Oiltek International’s services. The company’s healthy order book and recent set of results for FY2022 are indicators of Oiltek’s potential in 2023, said chief executive Henry Yong.

    The company builds refineries for both edible and non-edible oils. It also builds plants that produce renewable energy from materials such as biodiesel and biogas. And it distributes a range of components and equipment to industrial clients.

    Revenue for FY2022 grew 62.7 per cent to RM163.7 million (S$50.3 million), as earnings rose 30.5 per cent to RM12.7 million. The company’s order book has grown to RM209.9 million, with RM196.1 million secured in 2022.

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