KUALA LUMPUR (June 11): Oilfield services firm Elsa Bhd has booked a first-quarter net profit of RM1.4 million ahead of its ACE Market listing. Revenue for the quarter ended March 31, 2026 totalled RM46.55 million.
This is the firm’s first interim financial report and there are no year-ago comparative figures.
In an exchange filing on Thursday, the company said its core business segments — talent solutions and oilfield services solutions — generated RM36.3 million during the quarter, representing about 78% in revenue.
Operating expenses during the period included employee-related costs, depreciation charges and foreign exchange losses.
Elsa, which is due for listing on June 16, expects Malaysia's oil and gas sector to remain supported by continued upstream investments and exploration, which may benefit service providers across the industry's value chain.
It cited ongoing government initiatives and PETRONAS’ plans to strengthen exploration and production activities between 2026 and 2028.
The company added that it intends to build on opportunities arising from the sector's development by expanding its project pipeline, strengthening its position in the domestic oil and gas services market and increasing capacity within its engineering and robotics operations.
“The favourable industry environment is expected to sustain upstream development and maintenance activities, providing opportunities for higher utilisation and execution of the group’s long-term contracts,” said Elsa in the filing.
Elsa operates as an asset-light provider of specialised solutions in oilfield services, covering areas such as geoscience, petroleum engineering, and production optimisation. The group also offers services in human resources, digital infrastructure, and robotics.
The initial public offering consists of 118.4 million new shares and 36.4 million existing shares offered for sale, priced at 23 sen each.
Through the public issue, Elsa aims to raise RM27.23 million. More than 60% of the proceeds are designated for consultant-related expenses linked to its oilfield and digital solutions portfolio, including both current and future projects. Around 16.2% will be directed towards expanding the robotics division, while the remainder will support working capital and listing-related costs.
The RM8.37 million generated from the sale of existing shares will go to managing director Daniel Ilham Khong, head of digital, robotics and engineering, and talent solutions Chow Sheng Jon, as well as chairman Amiruddin Mohd Zain.
As of mid-May, Elsa had 140 active projects, with an estimated remaining contract value of RM636 million and a firm order value of RM265 million. The company’s revenue is significantly reliant on PETRONAS, which contributed nearly 40% in the previous year.