Oiltek’s net profit soars to 50% for H1 2024

As of 30 June the group's financial position is with zero debt.

Oiltek International Limited announced that its net profit after income tax for H1 2024 jumped 50% to $3.05m (RM10.3m).

Revenue growth for the six months ended 30 June 2023 went up 30.9% to $29.8m (RM100.5m) due to an increase in the group’s revenue for its Edible & Non-Edible Oil Refinery and Product Sales and Trading segments, which was partially offset by a decrease in revenue from its Renewable Energy segment.

Shareholders will have an interim dividend of 0.9 Singapore cent per share for H1 2024.

As of H1 24, the company is with zero debt, a net asset position of $20.8m (RM70.3m), and healthy cash and bank balances of $30.8m (RM104m) which represent approximately 148.0% of its net assets.

Moreover, Oiltek continues to remain confident about the long-term outlook of the Edible & Non-Edible Oil Refinery with the global consumption of oils and fats growing.