Newly-listed Oiltek International has reported earnings of RM4.7 million, up 8.9% y-o-y for 1HFY2022 ended June. However, if the one-off IPO costs were excluded, the company’s earnings would be up 55.6% to RM6.8 million.
Revenue in the same period was up 72.3% to RM81.3 million.
The company’s order book stands at RM178.2 million, which includes RM84.4 million in new orders secured in the current year to date. These orders are expected to be fulfilled over the next 18 and 24 months.
The company says its projects have not been “materially adversely affected” by the wider economic and market situations due to its efficient management controls.
“Oiltek has achieved good growth in 1H2022, especially considering the effects of an increasingly volatile global economy,” says CEO Henry Yong Khai Weng (picture).
“The fact that we have managed to maintain our strong growth momentum and continue to secure contracts to build up our order book, affirms our resilient business model and strong fundamentals.
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“We continue to maintain a positive business outlook because of the corresponding growth of the industries that we serve,” says Yong.
Oiltek shares last traded at 22 cents. Its IPO was offered at 23 cents.
