Heatec Jietong Holdings
Heat exchanger. Heatec Jietong Holdings website

Heat exchanger and piping specialist Heatec Jietong Holdings on Friday said it secured three new contracts worth S$4 million.

The new contracts relate to the group's heat exchanger segment and are expected to have a positive impact on the its earnings per share and net asset value per share for the financial year ending December 31, the company said in a statement.

"While there are still headwinds in the markets where the group operates, we are seeing a gradual recovery in business as evidenced by the Group securing the new contracts," said Jeffrey Soon, company's chief executive officer.

Heatec Jietong operates through three main business segments, namely piping, heat exchanger, and chemical cleaning to provide services to its customers, particularly those in the marine and offshore engineering, and oil & gas industries.

Heat exchangers are used wherever some form of heat transfer or temperature regulation is needed, and hence, they are widely used in many industries.

Heatec Jietong operates its chemical cleaning segment through subsidiaries, Chem-Grow Pte Ltd and Chem-Grow Engineering Pte Ltd, that provide chemical cleaning, among others, for boilers, coolers, heat exchangers, pipelines, engine parts and pressure vessels.

Shares in Heatec Jietong Holdings ended unchanged S$0.065 on the Singapore Exchange. The stock has jumped about 85 percent so far this year.