Oiltek International Limited has secured new contracts worth a total of RM9.6 million from Malaysia and South Korea. The cumulative value of new contracts secured in FY2023 amounts to RM322.1 million, representing a 64.3% increase from the RM196.1 million worth of contracts won in FY2022.

Mr Henry Yong Khai Weng, Executive Director and CEO of Oiltek, said, “These latest contracts close off an exceptional year for us, with a substantial increase in the value of total contract secured as compared to last year. Our ability to be awarded new contracts highlight the market attractiveness of our reliable, innovative, diversified and comprehensive range of process and engineering solutions. We are constantly innovating and improving our process and engineering solutions to meet the needs of our customers in various sectors of the vegetable oil value chain around the world. As we maintain the momentum in contract acquisition, our growing project pipeline will help to boost our growth and enhance our returns to shareholders.”

The new contracts involve the supply, installation and piping works for various processing plants in Malaysia; the design, fabrication and delivery of one new 300 tonnes per day (“TPD”) bleaching equipment in South Korea; and the upgrading and retrofitting of an existing texturizing plant in Malaysia.

The new contracts secured bring the Group’s current order book to RM381.5 million, and the order book is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.

Oiltek’s share price as of 2 January 2024 before market open was S$0.220.

About Oiltek International Limited

Oiltek International Limited, an established integrated process technology and renewable energy solutions provider, specialises in the provision of reliable, innovative, diversified, and comprehensive range of refinery processes and engineering solutions for use across all different sectors of the vegetable oils industry value chain globally. The history of the Group can be traced back to its principal operating subsidiary, Oiltek Sdn. Bhd., which was incorporated in Malaysia on 1 December 1980. With over 42 years of track record, Oiltek has successfully designed, built and commercialised plants in more than 33 countries across 5 continents.

Oiltek operates three key businesses – Edible & Non-Edible Oil Refinery, Renewable Energy, and Product Sales and Trading.

For its Edible & Non-Edible Oil Refinery segment, the Group provides engineering, procurement, designing, construction and commissioning (“EPCC”) services for edible and non-edible oil refining plants, downstream specialty products and processing plants; upgrading and retrofitting of existing facilities; and turnkey outside-battery-limits (“OSBL”) infrastructure engineering.

For the Group’s Renewable Energy segment, Oiltek provides services for renewable energy industries including EPCC of multi-feedstock biodiesel, enzymatic biodiesel, winter fuel, and palm oil mill effluent (“POME”) biogas methane recovery plants; upgrading and retrofitting of existing facilities; and turnkey OSBL infrastructure engineering which includes the environmental solutions and integration into steam and power generation.

Oiltek’s Product Sales and Trading segment generates recurring income for the Group, and its services include engineering component sales, agency and distributorship, and specialty chemical product trading.

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