The growth in revenue and net profit was due to revenue from Oiltek’s edible and non-edible oil refinery segment, which surged 23% y-o-y to RM193.9 million from new projects from Malaysia that were secured in 2023. Product sales and trading revenue increased marginally to RM18.8 million, from greater demand for parts and engineering components from Malaysian customers.
Following the release of Oiltek International’s FY2024 ended Dec 31, 2024 results, analysts at UOB Kay Hian (UOBKH) and PhillipCapital have both kept their “buy” call at respective raised target prices of $1.37 and $1.48, from $1.22 and $1.19 previously.
UOBKH analysts John Cheong and Heidi Mo note in their Feb 13 report: “Oiltek’s FY2024 revenue of RM230 million ($69.6 million) was largely in-line with our forecast, while net profit of RM30 million beat our and consensus estimates by 12% and 14% respectively on better-than-expected margins.”
