Uzma Poised for Earnings Growth as Seismic Vessel Utilization Recovers
Petronas' optimization efforts and rising seismic vessel utilization are expected to drive Uzma Bhd's earnings growth from Q2 FY27, according to Phillip Capital Research.
The research house notes that upstream O&G activity should pick up following Petroliam Nasional Bhd's portfolio optimisation and operatorship realignment in Q1 FY27. Additionally, seismic vessel utilisation is expected to recover to above 90% after dry-docking is completed.
Uzma's earnings will also be supported by the full-year contribution from its acquisition of Johnson Pump in December 2025 and the Third-Party Access (TPA) pipeline gas supply contract secured in Q3 FY26. The TPA business allows Uzma to supply natural gas to industrial customers through Malaysia's regulated gas distribution infrastructure.
The research house also expects Uzma's new energy business to contribute more, with power generation capacity projected to rise to 150MWp in FY27 from 100MWp in FY26. Meanwhile, the Sara WIF2.0 project is expected to begin contributing in Q3 FY27 and is expected to contribute about RM65 million in annual revenue at full capacity.