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Oiltek International reports maiden post IPO earnings of RM9.7 mil, down 19.5%

The Edge Singapore
The Edge Singapore4/11/2022 07:38 PM GMT+08  • 2 min read
Oiltek International reports maiden post IPO earnings of RM9.7 mil, down 19.5%
Oiltek's CEO Henry Yong Khai Weng calls FY2021 a "challenging" year / Oiltek
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Oiltek International has reported earnings of RM9.7 million for FY2021 ended Dec 31 2021, down 19.5%, as the newly-listed company booked one-off costs from its IPO.

Without which, the company’s net profit would have been RM12.2 million, up just 1.3%, even though revenue for the year was up 15% to RM100.6 million.

The company, which listed in early March, suffered from significantly lower gross profit margin of 23.4%, down 8.2 percentage points. Oiltek explains the better margins secured in the preceding FY2020 was because of higher margins for its projects secured in Africa.

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