Oiltek closes 2022 with RM196.1m worth of contract wins
Michelle Zhu
OILTEK International has secured a cumulative value of new contract wins worth RM196.1 million (S$59.7 million) for the financial year ending December 2022.
This comes after the integrated process technology and renewable energy solution provider’s subsidiary in December 2022 secured new contracts in Indonesia worth about RM43.5 million.
Its latest round of contract wins involve the design, fabrication, supply, and commissioning of a new 1,000 tonnes per day physical refinery plant; a new 1,000 tonnes dry fractionation plant; and a new downstream premium specialty animal feed product processing plant in Indonesia, the group said on Tuesday (Jan 3).
These are expected to contribute positively to the financial performance of Oiltek for the fiscal year ending December 2023.
The latest contract wins bring the group’s current order book to RM236 million, and this is expected to be fulfilled over the next 18 to 24 months.
“As we move into 2023 and progressively execute our current order book of approximately RM236 million, we aim to steadily maintain our growth with the acquisition of more projects in both the edible and non-edible oil refinery and renewable energy segments,” said Henry Yong, executive and chief executive of Oiltek.
The Catalist-listed counter ended Friday unchanged at S$0.21.
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