KUALA LUMPUR (May 11): Uzma Bhd has been awarded a RM45 million contract to supply coil tubing equipment and services in the Gulf of Thailand.

In a bourse filing on Thursday (May 11), the oil and gas (O&G) services company said the job was accepted by its wholly-owned subsidiary MMSVS Group Holding Co Ltd from Canada-based upstream O&G company Valeura Energy Inc. 

The contract spans a duration of three years — with a two-year extension option — effective from May 5, 2023, according to Uzma.

The company added that the contract is expected to contribute positively towards its earnings and net assets per share for the financial year ending June 30, 2023 (FY2023), and onwards until the contract’s expiry.

For the second quarter ended Dec 31, 2022 (2QY2023), Uzma’s net profit surged to RM10.3 million, from RM51,000 a year earlier, due to well services activities going uninterrupted in contrast to the same quarter a year earlier, where operations were affected by the Covid-19 pandemic-induced movement control order.

Likewise, revenue rose 84% to RM139.25 million, versus RM75.68 million previously.

Based on gross revenue of RM155.59 million for 2QFY2023, Uzma’s upstream O&G services segment contributed 65.5% of its top line or RM101.74 million. 

It also operates a petrochemical trading segment, a renewable energy segment, as well as a digitalisation and technology segment.

Shares in Uzma ended unchanged at 60.5 sen on Thursday, giving the company a market capitalisation of RM211.23 million.