Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira
KUALA LUMPUR: Hibiscus Petroleum Bhd
’s net profit for the third quarter ended March 31, 2023 (3Q 2023), increased to RM71.51 million compared to the "normalised” net profit of RM35.1 million recorded in the same quarter last year.
The "normalised” net profit in 3Q 2022 arrived after removing one-off non-operational adjustments which consisted of negative goodwill amounting to RM317.3 million and impairment of intangible assets of RM44.9 million, the group said in a statement today.
Revenue rose to RM523.34 million from RM297.06 million previously, the group’s Bursa Malaysia filing showed.
In conjunction with its third financial quarter results, the group declared a second interim single-tier dividend of 0.75 sen per ordinary share for the financial year 2023, with a total of 1.5 sen having been declared to date.
Managing director Dr Kenneth Pereira said the group’s operational and technical capabilities have been showcased by the drilling and completion of the longest well in Malaysia, the BOC-29ST1, with a total measured depth of approximately seven kilometres.
"In doing so, we have achieved a major technical milestone and positive performance outcome for our company and the wider Malaysian oil and gas industry.
"Our success in identifying and converting this prospect to a commercially viable opportunity gives us confidence that we have a good understanding of the PM3 CAA geology,” he said.
Pereira noted that despite the fall in oil prices, the company has improved its operational performance and contributed positively to the profitability levels in all its producing assets. - Bernama
