Uzma Bhd registered a higher net profit QoQ & YoY. In 2Q24, UZMA has achieved a net profit of RM12.6m from RM11.9m (+5.8% QoQ) and RM10.3m (+22.7% YoY), despite lower revenues as margins improved from the increased contribution in the O&G Artificial Lift division.
Malacca Securites (MSSB) Technichal Focus not today (Mac 15) said Uzma may be the beneficiary of the PETRONAS Activity Outlook 2024–2026 with more upcoming projects in the pipeline. Uzma should secure more upcoming projects as in 2023, several major contracts with a total value upwards of RM1.0bn have already been awarded by PETRONAS and other oil majors to them.
New Energy Segment to be lifted by Government Initiatives. UZMA’s New Energy segment will benefit from initiatives such as the new upcoming LSS projects and New Low Carbon Energy Generation Programme from the Ministry of Energy Transition and Public Utilities.
MSSB said share price has been consolidating sideways and last closed at RM1.21. As the technical readings are positive, they expect follow-through buying interest to be seen in the near term, targeting RM1.27-1.35, with a LT target at RM1.41. Support is set around RM1.14-1.15, with a cut loss set around RM1.12.
Uzma is involved in the provision of oil and gas geoscience and reservoir engineering services, provision of oil and gas drilling and operations services and provision of oil and gas project and operations services. Uzma activities also include oil and gas engineer and personal replacement and management systems.
