Oiltek International (HQU) H2 2024 earnings summary

Executive summary

• FY2024 revenue and profit after income tax reached record highs, rising 14.5% to RM230.3 million and 55.0% to RM29.6 million, respectively.

• New orders of RM207.0 million supported a RM354.9 million order book, expected to be fulfilled over 18–24 months.

Financial highlights

• Revenue rose 14.5% YoY to RM230.3 million; gross profit increased 40.4% to RM55.1 million.

• Profit before income tax grew 55.0% to RM39.5 million; profit after income tax rose 55.0% to RM29.6 million.

Outlook and guidance

• Management remained optimistic for the new financial year and aims to secure more projects, including larger-scale work in existing and emerging markets.

• The RM354.9 million order book is expected to be fulfilled over the next 18–24 months, barring unforeseen circumstances.