PETALING JAYA: ACE Market-bound United Asiapac Energy Bhd expects to sustain double-digit growth in the near term as it expands capacity to capitalise on continued demand from Malaysia’s upstream oil and gas industry.
Chief corporate officer and executive director Ng Her Yinn said the company’s nine-month performance had exceeded analysts’ expectations, expressing confidence that its present growth momentum could continue.
“We are expecting to have very positive growth moving forward, in the double digits as you can see from our nine-month results, and we expect the momentum to continue to grow around this range,” she told StarBiz on the sidelines of its press conference.
For the nine-month financial period ended 2026, United Asiapac Energy recorded a gross profit of RM21.9mil, surpassing the RM14.5mil achieved for the entire financial year ended 2025 by more than 50%.
The soon-to-be-listed company plans to use RM23.26mil, or 47.74%, of its initial public offering (IPO) proceeds, to purchase well intervention tools and equipment for campaigns secured ahead of its listing.
The IPO proceeds will also finance a new corporate office (11.29% of funds raised), workforce expansion (10.83%), repayment of bank borrowings (5.83%), recruitment of engineers (4.93%), working capital (9.32%) and listing expenses (10.06%).
Ng said the investment could raise the company’s operating capacity by between 20% and 30%, although the actual increase would fluctuate according to job demand.
The company also expects its current profit margin to remain sustainable, supported by the structural benefits arising from its decision to own specialised tools rather than depend on third-party rentals.
“We made a decision to acquire the tools and own the tools rather than relying on a third-party renter, so that actually drives up the margin of the company,” she said.
Ng said the increasing trend in gross profit margins over recent years reflected the benefits of that strategy and the company’s greater control over the availability and deployment of equipment.
“We expect the profit margin to be sustainable and achievable based on the numbers that are showing right now in the prospectus,” she said.
United Asiapac Energy specialises in three main well intervention services: fishing, plug and abandonment or P&A, and sidetracking.
Managing director Ahmad Fadzuli Ali said the company intends to remain focused on these niche capabilities, rather than diversify into services outside its core expertise.
“We want to focus on our niche and our specialisation, and we want to be strong in what we are doing,” he said.
Ahmad Fadzuli said United Asiapac Energy is the first Malaysian company to build significant capabilities in specialised well intervention services that have traditionally been dominated by foreign companies.
Its operational bases in Kemaman and Labuan allow the company to deploy personnel, tools and equipment efficiently across Peninsular Malaysia, Sabah and Sarawak.
Ng said there is still room for the company to expand its market share in Sabah and Sarawak, although the pace of growth would depend on clients’ development plans and the scheduling of available work.
Ahmad Fadzuli said the Labuan base provides the manpower and equipment needed to respond swiftly to requirements in Sabah and Sarawak.
United Asiapac Energy aims to raise RM48.73mil from the issuance of 139.22 million new shares at 35 sen each ahead of its scheduled ACE Market listing on Aug 19.
Based on an enlarged share capital of 550 million shares, the company will have an estimated market capitalisation of RM192.5mil upon listing. TA Research is the principal adviser, sponsor, underwriter and placement agent of the IPO.
