INTEGRATED oil & gas (O&G) services and equipment (OGSE) solutions provider Elsa Bhd has rolled out its maiden quarterly results following the group’s listing on the ACE Market of Bursa Malaysia on June 16.
Showcasing the resilience of its core operations, the group has recorded revenue of RM97.46 mil for the 1H FY2026 period ended June 30, 2026 alongside a normalised pre-tax profit and net profit of approximately RM4.2 mil and RM2.8 mil respectively.
This is after excluding RM3.3 mill in one-off, non-recurring expenses associated with its ACE Market listing exercise.
For the individual 2Q FY2026 quarter, Elsa’s revenue inched up 9.4% quarter-on-quarter (qoq) to RM50.9 mil, up from RM46.5 mil in the preceding quarter.
The group successfully maintained its underlying profitability with a normalised pre-tax profit of RM2.1 mil and a normalised net profit of RM1.4 mil.
The sequential revenue improvement was anchored by strong activity across the group’s Oilfield Services Solutions and Talent Solutions segments.
Revenue for the former surged 24.8% qoq to RM19.5 mil during the quarter under review, , supported by higher delivery of wells operation management services and a targeted technical workshop project.
Robotics conquest
“With our ACE Market listing successfully behind us, we enter 2H FY2026 with a fundamentally transformed balance sheet,” commented Elsa’s managing director Daniel Ilham Khong.
“Our reported results were temporarily impacted by one-off costs of the listing exercise but our normalised earnings and positive operating cash flow clearly demonstrate that our core business remains highly resilient.”
Moving forward, the group’s immediate priority is rooted firmly on execution, according to Khong.
“We’ve RM23.4 mil in available IPO (initial public offering) proceeds ready to be deployed to scale our capabilities in digital solutions, robotics and engineering. We now have the financial firepower to aggressively pursue technology-driven expansion across our integrated OGSE platform.”
As of end-June 2026, Elsa’s cash and cash equivalents surged to RM48.2 mil, thus placing the group in a highly resilient net cash position of RM42.1 mil with shareholders’ equity increased 52.2% to RM74.1 mil.
More crucially, as of end-June 2026, RM23.39 mil or 85.9% of the group’s gross IPO proceeds remains fully available to execute its post-listing growth blueprint.
These funds will directly fund the expansion of consultant capacity for its Oilfield and Digital Solutions as well as scale its Robotics and Engineering Solutions segment.
On this note, Elsa anticipates that Malaysia’s upstream oil and gas activities will continue to support opportunities within the domestic OGSE sector, anchored by the National OGSE Industry Blueprint 2021-2030, PETRONAS’ Capital Project Investment Destination (CAPE) Masterplan and the PETRONAS Activity Outlook 2026-2028.
To date, Elsa has successfully secured several contracts involving the inspection of underwater structures and pipelines using Autonomous Underwater Vehicle technology under its Robotics and Engineering Solutions business segment.
The securing of these contracts affirms the group’s growing recognition by its client in these specialised technology-driven areas and is expected to bode well for the Group’s earnings moving forward.
Elsa intends to continue progressively strengthening its capabilities across digital infrastructure, cybersecurity, robotics-enabled inspection, drone applications and autonomous underwater solutions by integrating new technologies with its traditional oilfield expertise to drive long-term, sustainable value creation.
At 11am, Elsa was down 1.5 sen or 6.52% to 21.5 sen with 553,200 shares traded, thus valuing the company at RM116 mil. – Aug 27, 2026
