Oiltek’s FY2024 net profit soars 55% to $9m

Earnings per share stood at $0.0629.

Oiltek reported a 55% year-on-year (YoY) surge in net profit for FY2024 to $9m (RM29.6m) from $5.8m (RM19.1m) a year ago.

Earnings per share stood at $0.0629 (RM20.7 sen), rising 55% from $0.0407 (RM13.4 sen) in FY2023.

Revenue for the period rose by 14.5% from approximately $61m (RM201.1m) in FY2023 to approximately $69.9m (RM230.3m) in FY2024.

This growth was driven by revenue increases in the Edible & Non-Edible Oil Refinery segment (+23.2%) and the Product Sales and Trading segment (+0.9%), partially offset by a revenue decline in the Renewable Energy segment (-29.7%).

Oiltek is recommending a final dividend of $0.018 per share for FY2024. Including the interim dividend of $0.009 paid in September 2024, this brings the total dividend for the year to $0.027.

RM1 MYR = S$0.3037 SGD

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