Oiltek’s net profit swells by 83.2% to $2.61m in 3Q 2024

Net profit for 9M2024 also increased by 63.9% to $5.78m YoY.

Oiltek International Limited announced that its net profit after income tax for 3Q 2024 jumped by 83.2% to $2.61m (RM9m).

Revenue growth for the period also increased by 14.5% to $20.1m (RM67.6m) due to higher revenue from the edible and non-edible oil refinery and product sales and trading segments, partially offset by a decline in the renewable energy segment.

Meanwhile, its net profit for 9M2024 also increased by 63.9% to $5.78m YoY (RM19.26m).

As of 3Q 2024, the company holds an order book of $116.3m (RM400.9m), expected to be fulfilled over the next 18 to 24 months.

Oiltek remains optimistic about the long-term outlook of the edible & non-edible oil refinery segment, supported by rising global consumption of oils and fats, with the global market projected to grow at a 4.6% CAGR, reaching US$402.94b by 2033.

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