Hibiscus Petroleum managing director Dr Kenneth Gerard Pereira.
Hibiscus Petroleum Bhd
is clearly riding nicely on the upcycle of oil prices. On Thursday it posted a second-quarter profit that beat analysts’ expectations. And as Maybank Investment Bank (Maybank IB) Research points out, the profits have yet to take into account earnings from the recently completed acquisition of assets from Spain’s Repsol.
“Hibiscus will consolidate Repsol’s earnings from the third quarter of the financial year 2022 (Q3‘FY22). We are positive on this transaction. The deal was done at an undemanding price and instantly lifts Hibiscus’ production by three times. It also offers Hibiscus the prospect to diversify its assets portfolio to 17% gas (versus 2% gas previously) – a crucial aspect, in its environmental, social, and governance and energy transition quest,” Maybank IB analyst Liaw Thong Jung says in a post-results report yesterday.
