Hibiscus Petroleum Posts Lower 1Q Net Profit Of RM75.60 Mln

KUALA LUMPUR, Nov 19 (Bernama) -- Hibiscus Petroleum Bhd’s net profit for the first quarter (1Q) ended Sept 30, 2024, slipped to RM75.60 million from RM154.30 million posted in the same quarter last year. 

Revenue also weakened to RM477.40 million from RM746.62 million in the comparative quarter, while earnings per share dipped to 9.54 sen from 19.17 sen previously, it said in a filing with Bursa Malaysia today.

The oil and gas company declared a first single-tier interim dividend of 2.0 sen per share, to be paid on Jan 22, 2025, based on the dividend entitlement date set for Dec 27, 2024.

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It said a total of 1.67 million barrels of oil equivalent (boe) was sold in the current quarter, comprising 1.02 million barrels of crude oil and 3,909 million standard cubic feet (MMscf) of gas.

“On Oct 14, 2024, the group completed the acquisition of TotalEnergies EP Brunei, which, through its Brunei branch, holds interest and operatorship in Block B Maharajalela Jamalulalam field located in Brunei.

“Projects that are currently being implemented (South Furious 30 Waterflood and Teal West) remain on track to impact production volumes by end of calender year 2025,” it added.

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On prospects, Hibiscus Petroleum said it is co-investing with Petronas Carigali Sdn Bhd in some exploration-related opportunities located around the infrastructures both parties currently operate in as part of the group’s future plans for its operations in Malaysia.

“Overall, the group is well-positioned to build on its successful operational track record, which has been developed in Malaysia and the United Kingdom, and we remain focused on delivering optimal performance in a reasonably strong oil price environment,” it added.

-- BERNAMA