3QFY2024 revenue increased by 14.5% y-o-y to RM67.6 million while 9MFY2024 revenue was up by 23.8% y-o-y to RM168.1 million. This was due to higher revenue from Oiltek’s edible and non-edible oil refinery segment and product sales and trading segment. This was partly offset by lower revenue from renewable energy.
Shares in Oiltek International (SGX:HQU
) rose to 90.5 cents as at 9.46am, 5.23% higher than the 86-cent close the day before, after the company reported a surge in its results in its 3QFY2024 and 9MFY2024 ended Sept 30 update.
During the 3QFY2024, Oiltek’s profit after income tax surged by 83.2% y-o-y to RM8.98 million ($2.7 million), bringing its 9MFY2024 profit after tax to RM19.3 million, 63.9% higher y-o-y.
