PETALING JAYA: United Asiapac Energy Bhd’s net profit more than doubled to RM15.41mil for the financial year ended May 31, 2026 (FY26), ahead of its planned listing on the ACE Market of Bursa Malaysia on Sept 14.
Revenue rose 41.4% to RM52.26mil from RM36.95mil previously, driven by continued demand for its well intervention solutions, particularly fishing and plug and abandonment (P&A) services.
Gross profit increased 101.8% to RM29.31mil, with gross profit margin improving to 56.1% from 39.3%.
The group attributed the stronger margins to higher revenue from large-value projects and increased utilisation of its own equipment, which reduced reliance on rented equipment and lowered cost of sales.
Profit before tax rose 120.7% to RM20.94mil from RM9.49mil, while PATAMI increased 120.8% from RM6.98mil, lifting its PATAMI margin to 29.5% from 18.9%.
For the fourth quarter, United Asiapac Energy recorded revenue of RM13.20mil, gross profit of RM7.37mil and net profits of RM4.08mil.
Managing director Ahmad Fadzuli Ali said the results reflected both sustained demand and disciplined execution.
“We are proud of the record results we have delivered for FY26, which reflects not only continued demand for our well intervention solutions across Malaysia, but also our team’s disciplined execution,” he said in a statement.
The group said it remains optimistic on its prospects and intends to acquire additional well intervention tools and equipment, recruit more engineers, expand its services into Sabah and acquire a new corporate office.
It added that Malaysia’s expenditure on fishing and P&A services is forecast to rise from RM175.90mil in 2025 to RM445.20mil in 2029, representing a compound annual growth rate of 26.1%.
