This new contract brings the cumulative new contracts secured in this current FY2024 ending December to RM197.8 million and its total order book to a record RM400.9 million. Oiltek shares enjoyed additional growth momentum when, on Nov 19, it announced 3QFY2024 ended September earnings of RM8.98 million, up 83.2% y-o-y, bringing 9MFY2024 earnings to RM19.3 million, up 63.9% y-o-y.
Oiltek International, which builds biofuel refineries and processing capacity, has seen its share price surge more than fourfold year-to-date as more investors start to appreciate its growing momentum of contract wins. Oiltek is the second-best performing stock on the Singapore Exchange (SGX:S68
) (SGX) year-to-date.
The most recent was an RM45.5 million ($13.5 million) contract in Latin America announced on Oct 29. According to Paul Chew of Phillip Securities, this opens up the possibility of more contracts in this market, which is a leading palm oil producer along with Malaysia and Indonesia.
