Hibiscus Petroleum's Net Profit Rises To RM467 Mln In FY2024

KUALA LUMPUR, Aug 27 (Bernama) -- Hibiscus Petroleum Bhd posted a higher net profit of RM467.12 million for the financial year ended June 30, 2024 (FY2024) versus RM400.52 million in FY2023.

It said in a filing with Bursa Malaysia today that revenue rose to RM2.72 billion from RM2.34 billion a year ago.

Net profit for the fourth quarter of FY2024 was lower at RM108.68 million compared to RM123.28 million for the same period of FY2023 due to impairment and amortisation as well as repair on pipeline.

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Revenue was higher at RM738 million for quarter four compared to RM503.6 million for the same quarter of FY2023. 

The oil and gas company declared a fourth single-tier interim dividend of 1.5 sen per share for FY2024.

The dividend will be paid on Oct 25, 2024 based on the dividend entitlement date set for Sept 26, 2024.

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Separately in a statement today, it said the group sold a total of 7.85 million barrels of oil equivalent (MMboe) of oil, condensate and gas, exceeding the original guidance of 7.5 to 7.8 MMboe, which is 10 per cent higher than total sales in FY2023.

"The group produced an average 20,144 barrels of oil equivalent (boe) per day of net oil, condensate and gas in the fourth quarter FY2024," it said.

Hibiscus Petroleum said the proposed acquisition of TotalEnergies EP (Brunei) BV, which has 37.5 per cent operated interest in a Brunei gas-producing asset, is expected to increase the group’s reserves and production by 36 per cent and 37 per cent respectively.

It said the 65 per cent operated interest in the PKNB Cluster production sharing contracts (PSC) is the group’s first direct award of a PSC by Petroliam Nasional Bhd (Petronas) and contains four gas-discovered fields.

"The group announced the 30 per cent farm-in to PM327 PSC, one of the largest exploration blocks offshore Peninsular Malaysia.

"Together with the organic developments of the Teal West and SF30 Waterflood projects, we are approaching the achievement of the lower end of our 2026 production target of 35,000 to 50,000 boe per day," it said.

Managing director Dr Kenneth Pereira said that given the group's conservative gearing ratio of 0.12 as of June 30, 2024, near-term growth activities will be funded through the use of internal funds and existing debt facilities.

"We do not envisage any equity issuances,” he said, adding that the group remains focused on driving operational excellence and pursuing growth opportunities to secure long-term value looking ahead.

-- BERNAMA