Oiltek International has secured new contract wins worth RM43.5 million ($13.2 million) from Indonesia in December 2022.
The new contracts involve the design, fabrication, supply, and commissioning of a new 1,000 metric tonnes per day (mtd) physical refinery plant, a new 1,000mtd dry fractionation plant, and a new downstream premium specialty animal feed product processing plant in Indonesia.
The contracts bring the group’s cumulative value of contracts secured in the FY2022 ended Dec 31, 2022, to RM196.1 million.
With the new contracts, which are expected to contribute positively to the group’s FY2023 financial performance, the group’s order book now stands at RM236.0 million. The contracts in the group’s order book are expected to be fulfilled over the next 18 to 24 months.
“I am happy that we have closed FY2022 with more new contracts, bringing the value of new contracts secured in FY2022 to approximately RM196.1 million. The fact that we are still able to secure projects despite a volatile and uncertain global economy, is a testament to the value we bring to our customers,” says Henry Yong Khai Weng, Oiltek’s executive director and CEO.
“With the strong growth of the global palm oil industry, we are able to utilise our deep engineering expertise to help our customers expand their production, which has enabled our strong growth momentum. As we move into 2023 and progressively execute our current order book of approximately RM236.0 million, we aim to steadily maintain our growth with the acquisition of more projects in both the edible & non-edible oil refinery and renewable energy segments,” he adds.
See also: Kingsmen renews F1 contracts for $53.2 million
Shares in Oiltek closed flat at 21 cents on Dec 30, 2022.
