Hibiscus Petroleum Managing director Kenneth Pereira
KUALA LUMPUR: Hibiscus Petroleum Bhd
recorded a lower net profit of RM108.68mil in the final quarter of its financial year, compared to RM123.28mil in the year-ago quarter.
The group reported revenue of RM738.05mil, up from RM503.6mil in the comparative quarter, while earnings per share dipped to 13.61 sen from 15.31 sen previously.
For the full financial year, net profit rose to RM467.12mil from RM400.52mil in FY23 while revenue gained to RM2.72bil from RM2.34bil in the previous year.
The group declared a fourth interim dividend of 1.5 sen, bringing its total payout to 7.5 sen, a 20% jump over the dividends declared in FY23.
Over the course of FY24, the group reported sales of 7.85 MMboe of oil, condensate and gas, exceeding the original guidance of 7.5 to 7.8 MMboe.
This was 10% higher than total sales in FY2023.
The group said it produced an average 20,144 boe/day of net oil, condensate and gas in Q4 FY24.
Managing director Kenneth Pereira said the group's total sales volumes during the fourth quarter and entire financial year have exceeded its guidance.
"These results underscore our operational resilience and financial strength.
"Our proposed acquisition of a 37.5% interest in the MLJ gas field in Brunei, along with key interests in development and exploration assets offshore Peninsular Malaysia, not only aligns with our growth and energy transition strategy, but also demonstrates that we are
emerging as a significant E&P player in Southeast Asia," he said in a statement.
He added that near-term growth activities will be funded through use of internal funds and existing debt facilities given the conservative gearing ratio of 0.12 as of end-June 2024.
