Oiltek International reports record earnings of RM29.6 million
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We remain optimistic about our business, says CEO Henry Yong
Oiltek International has reported record earnings of RM29.6 million for its FY2024, up 55%. Revenue in the same period increased by 14.5% over the preceding FY2023 to RM230.3 million, a record as well.
The company's gains can be attributed mainly to its core business of building refineries for its customers in both edible and non-edible oil.
It secured RM207 million worth of new orders in FY2024, bringing its total order book to RM354.9 million
As at Dec 31 2024, Oiltek maintains a cash balance of RM106.1 million and no debt.
The company plans to pay a final dividend of 1.8 cents, bringing its full-year payout to 2.7 cents, equivalent to a payout ratio of 44.4%, and an increase of more than two-thirds over the FY2023 payout
"Looking forward to the new financial year, we remain optimistic about our business and will strive to continue our efforts to drive growth and create long-term, sustainable value for our shareholders," says Henry Yong Khai Weng, executive director and CEO.
Oiltek International shares, which closed at $1.23 on Feb 11, has gained more 400% in the past 12 months, making it one of the top-performing stocks listed here in 2024.
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