Oiltek bags RM61.9 million in new contracts across South-east Asia and other global markets 

[SINGAPORE] Vegetable and edible oil processing company Oiltek International announced on Wednesday (Apr 16) that it has won new contracts worth RM61.9 million (S$18.5 million) in Thailand, Malaysia, Indonesia, Africa and the Americas.

This brings the group’s current order book to RM402.4 million, which is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.

The new contracts are regarding the design, fabrication, delivery, testing and commissioning of various plants or refinery complexes.

Some examples of Oiltek’s services under the contracts are, one new 25 metric tonnes per day (MTD) soapstock acidulation plant in Africa, one new 360 MTD dry fractionation plant in Thailand and one new 300 MTD dry fractionation plant in Indonesia.

Additionally, engineering consultancy services will be provided for the upgrading of the acid esterification biodiesel plant in Malaysia as part of the new contracts.

The company said that these contracts are expected to have a positive impact on the group’s financial performance for the financial year ending Dec 31.

Oiltek has grown steadily over the past four years, with net profit standing at RM29.6 million in FY2024, as compared to RM9.7 million in FY2021.

The renewable energy solutions provider had also secured new contracts worth RM19.5 million through its subsidiary in Selangor from Africa, Central America and Malaysia in September 2024.

It also applied to move its listing from the Singapore Exchange’s Catalist board to the mainboard, the group said on Feb 17. This was reportedly to enhance its image both locally and overseas, as public investors accord a premium to mainboard-listed companies.

Shares in Oiltek closed 3.6 per cent or S$0.04 higher at S$1.16 before the announcement.