Oiltek bags Indonesia contracts worth RM62.1 million
Uma Devi
OILTEK International on Wednesday (May 17) announced that its wholly-owned subsidiary, Oiltek Sdn Bhd, has secured new contracts in Indonesia worth about RM62.1 million (S$18.4 million).
These latest contracts bring the group’s current order book to a record RM393.4 million, Oiltek said in a bourse announcement.
The company’s current order book is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.
Oiltek also said the new contracts are expected to “contribute positively” to its financial performance in FY2023 ending December.
The new contracts in Indonesia involve the design, fabrication, delivery, testing and commissioning of three new texturisation plants in relation to the proposed development of a new integrated refinery complex, as well as a new 500 metric tonnes per day (mtd) physical refinery plant and a new 600mtd dry fractionation plant.
The company said the total value of new contracts won in the first five months of the current financial year ending Dec 31 stands at RM219.9 million. Comparatively for the corresponding five-month period in FY2022, the company’s value of new contracts stood at RM196.1 million.
“With these new contracts, the total value of new contracts secured within this year has surpassed that of the previous year,” said Henry Yong, chief executive of Oiltek.
“As we move forward, our focus continues to be on building a strong order book. This will enable us to achieve sustainable growth and provide long-term value for our shareholders.”
Shares of Oiltek shed 4.4 per cent or S$0.01 on Wednesday to close at S$0.22.
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