Hibiscus Petroleum's Q2 net profit jumps 45pc on strong oil, condensate and gas prices

NST Tue, Feb 20, 2024 05:28pm - 1 month View Original

KUALA LUMPUR: Hibiscus Petroleum Bhd's net profit for the second quarter of the financial year 2024 (2QFY24) jumped 45 percent to RM102.34 million, on strong oil, condensate and gas price levels in all its producing assets.

This was compared with RM70.47 million in the corresponding period last year.

However, quarterly revenue dipped by almost 12 percent to RM627.6 million from RM713.13 million in the same period last year.

In the second quarter, Hibiscus Petroleum sold 1.2  million barrels of oil and condensate, and 0.7 million barrels of oil equivalent (MMboe) of gas. This resulted in an earnings before interest, tax, depreciation and amortisation (ebitda) of RM325.3 million.

The company achieved record net oil, condensate, and gas production of 22,191 barrels of oil equivalent per day (boe/day) in Q2 FY2024, marking the first time its quarterly production surpassed 22,000 boe/day.

For the first half of FY2024, net profit was up almost 20 per cent to RM256.6 million, compared with RM205.7 milion for the same period in FY2023.

This was on four per cent higher revenue of RM1.37 billion revenue.

From a production perspective, Hibiscus Petroleum expects to sell a total of 1.8 MMboe in Q3 FY2024 and 2.1 MMboe in Q4 FY2024 from its producing assets.

Over the course of FY2024, it estimates to sell a total of 7.7 MMboe of oil, condensate and gas.

The company said as of Feb 19, 2024, it has bought 3.0 million shares under its share buyback exercise.

Hibiscus Petroleum declared a second interim single-tier dividend of 2.0 sen per ordinary share for FY24, totalling 4.0 sen declared to-date.

Hibiscus aims to maintain a minimum total dividend per share of 7.5 sen throughout FY24.

Hibiscus managing director Kenneth Pereira said the company is continuing the previous quarter's operational showing by safely increasing its average production levels to over 22,000 boe per day for the first time in a single quarter.

"The offer of an award of another two blocks in the United Kingdom also shows our commitment to oil and gas opportunities internationally."As ever, we remain focused on delivering value to our shareholders, evidenced by our trend of increasing dividends and the recent share buy-backs," it said.

Hibiscus' subsidiary, Anasuria Hibiscus UK Ltd, has received approval for three blocks during the first stage of the 33rd UK Offshore licensing round and has been extended an offer for two more blocks located in the Quad 15 region of the Central North Sea, close to the Marigold field.

"The company plans to work closely with partners and regulatory authorities to maximise resource extraction in the Quad 15 area," the statement added.

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