OILTEK International : HQU 0% has won new contracts worth RM94.8 million (S$27.2 million) from Malaysia, Indonesia and Kenya through its subsidiary in Selangor.
This will take the group’s current order book, which is expected to be fulfilled over the next 18 to 24 months, to a record high of RM400.5 million.
On Monday (Jun 3), the renewable energy solutions provider said its new contracts are expected to have a positive impact on its performance for the financial year ending December 2024.
Oiltek chief executive Henry Yong added that the group aims to continue its momentum of contract acquisitions from the prior year to grow its project pipeline.
“These latest contract wins will help to build up our growth momentum, and once again highlight the market’s recognition of the attractiveness of our reliable, innovative, diversified and comprehensive range of process and engineering solutions,” said Yong.
Works covered under the new contracts include constructing, fabricating and installing equipment and infrastructure for new crude palm oil pre-treatment as well as biodiesel plants.
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They further involve one new downstream premium specialty animal feed product processing plant and implementing crystalliser loops for a dry fractionation plant from design through to commissioning.
Under the new contracts, Oiltek will also design, fabricate, deliver, test and commission a new 500 metric tonnes-per-day alkaline closed-loop vacuum system.
Shares of Oiltek ended S$0.01 or 2.9 per cent lower at S$0.34 last Friday.
