Oiltek International bags RM9.6 million in new contracts from Malaysia, South Korea

OILTEK International on Tuesday (Jan 2) said its subsidiary bagged RM9.6 million (S$2.8 million) in new contracts from Malaysia and South Korea.

The contract wins bring the total number of additional new contracts obtained in FY2023 to RM322.1 million, up 64.3 per cent from the total value of contracts obtained in FY2022, the group said in a bourse filing.

In Malaysia, Oiltek’s subsidiary will supply installation and piping works for various processing plants and upgrade and retrofit an existing texturising plant. In South Korea, the company will design, fabricate and deliver a new 300 tonnes-per-day bleaching equipment unit.

With the new contracts, the group’s order book now stands at RM381.5 million, to be fulfilled over the next 18 to 24 months barring unforeseen circumstances. Oiltek does not expect the new contracts to have any material impact on its FY2023 financial performance but expects them to contribute positively to its FY2024 performance.

Shares of Catalist-listed Oiltek finished 2.3 per cent or S$0.005 higher at S$0.22 on Friday.