Uzma Bhd ... May 09

The company currently had RM200 million worth of order books, which would keep the company busy until 2011. Local jobs contributed 75% of its total revenue in FY08, which was a 10 percentage point increase from FY07.

Its major clients include Petroliam Nasional Bhd’s unit Petronas Carigali Sdn Bhd and Talisman Malaysia Ltd, which collectively contribute some 50% of the group’s revenue currently. Its clients number 49 at present.

Uzma had just extended its three-year contract with Talisman for another three years. The previous contract was worth RM120 million. It was awarded more jobs from Petronas Carigali this year.

Uzma also has impending jobs in Mongolia. In September 2008, its subsidiiary Uzma Engineering Sdn Bhd acquired a 35% stake in Hong Kong’s Oriental Motors Co Ltd, which is the master project manager for the Baiyin Chagan, Inner Mongolia, petroleum block under a 14-year concession. Uzma’s initial invesment was RM4 million, which included the acquisition of the 35% stake in Oriental as well as in drilling services and reservoir studies.

For FY08, Uzma posted a net profit of RM10.78 million, which was a shortfall of RM3.48 million or 24.42% from its prospectus forecast made last year pursuant to its listing in July 2008. Its revenue, at RM135.83 million, was a shortfall of RM54.61 million or 28.67%.

The company attributed the shortfalls to the slowdown in exploration activities in the second half of 2008, which was due to the sharp fall of oil prices and the bleak global economic outlook.