_pn.png){kind=small}
The new contracts bring its tally of new contracts secured in 2024 to-date to approximately RM152.3 million
The Group’s current order book of approximately RM378.3 million will be fulfilled in the next 18-24 months barring any unforeseen circumstances
SGX Catalist-listed and established integrated process technology and renewable energy solutions provider, Oiltek International Limited (优特科技国际有限公司) (“Oiltek” or the “Company”, and together with its subsidiaries, the “Group”), is pleased to announce that its wholly-owned subsidiary, Oiltek Sdn. Bhd., has secured new contracts worth a total of approximately RM19.5 million from Africa, Central America and Malaysia.
The new contracts bring the cumulative new contracts secured to-date in the financial year ending 31 December 2024 (“FY2024”) to approximately RM152.3 million in value. The new contracts involve the design, fabrication, delivery, testing & commissioning of one new physical refinery plant and one new dry fractionation plant; one new neutralization plant; one new dry fractionation plant; as well as the upgrading and retrofitting of a chemetator refrigerant control system of a texturizing plant.
With the addition of these new contracts, the Group’s current order book amounts to approximately RM378.3 million and is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.
Mr. Henry Yong Khai Weng (杨淳麟), Executive Director and CEO of Oiltek, said, “The new contracts secured are part of our continued business efforts to expand geographically to other markets with emerging prospects and is also testimony to our industry recognition in key markets outside of Asia like Africa and Central America for our reliable, innovative, diversified and comprehensive range of process and engineering solutions. We will continue our efforts to expand our business globally in order to achieve sustainable growth and higher returns to our shareholders.”
These new contracts are not expected to have a material impact on the Group’s financial performance in FY2024 but are expected to contribute positively to its financial performance in the financial year ending 31 December 2025 (“FY2025”).
None of the Directors and controlling shareholders of the Company, as well as their respective associates, has any interest, direct or indirect, in these new contracts, save for their shareholdings in the Company (if any).