The company posted a 47% higher revenue of RM738mil for the quarter.
PETALING JAYA: Hibiscus Petroleum Bhd
’s net profit fell by 12% year-on-year (y-o-y) to RM108.7mil in its fourth quarter ended June 30, 2024 (4Q24), dragged down by an impairment on equipment of RM61mil and higher expenses.
This was despite higher revenue recorded for the quarter at RM738mil, reflecting an increase of 47% y-o-y.
In a statement, the oil and gas exploration and production company said it sold a total of 7.85 million barrels of oil equivalent (Mboe) of oil, condensate and gas, exceeding its original guidance of 7.5 to 7.8 Mboe. This was 10% higher than total sales in FY23.
The group produced an average 20,144 boe per day of net oil, condensate and gas in 4Q24. Hibiscus said it aims to sell a total of 1.7 Mboe and 2.5 Mboe of oil, condensate and gas in 1Q25 and 2Q25 respectively.
The group declared a fourth interim single-tier dividend of 1.5 sen for FY24 in 4Q24. To date, Hibiscus has declared a total dividend of 7.5 sen. With the reduced fourth-quarter bottom line, Hibiscus’ earnings per share were lower at 13.61 sen.
For its financial year ended June 30, 2024 (FY24), Hibiscus’ net profit was up by 17% y-o-y to RM467.1mil, translating to basic earnings per share of 58.22 sen. Revenue increased by 16% y-o-y to RM2.7bil.
Looking ahead, Hibiscus said the proposed acquisition of the TotalEnergies EP (Brunei) BV, which has 37.5% operated interest in a Brunei gas producing asset, is expected to increase its reserves and production by 36% and 37%, respectively.
Moreover, the 65% operated interest in the Pertang, Kenarong, Noring and Bedong Cluster Production Sharing Contract (PSC) is the group’s first direct award of a PSC by Petroliam Nasional Bhd and contains four discovered gas fields.
Hibiscus has announced the 30% farm-in to PM327 PSC, one of the largest exploration blocks off Peninsular Malaysia.
The group said together with the organic development of Teal West in the North Sea and South Furious 30 off Sabah, the company is approaching the achievement of the lower end of its 2026 production target of 35,000 boe to 50,000 boe per day.
According to managing director Kenneth Pereira, the group’s proposed acquisition of a 37.5% interest in the MLJ gas field off Brunei, along with key interests in development and exploration assets off Peninsular Malaysia, not only aligns with its growth and energy-transition strategy, but also demonstrates that it is emerging as a significant exploration and production player in South-East Asia.
