KUALA LUMPUR: Hibiscus Petroleum Bhd
says it is staying the course on increasing shareholder value as it continues to explore new opportunities in oil and gas.
On the back of a positive financial performance in the second quarter ended Dec 31, 2023, the group declared a second interim dividend of two sen per share, for a total of four sen per share declared to-date.
As previously guided, the group said it plans to declare a minimum total dividend of 7.5 sen per share in FY24.
"As ever, we remain focused on delivering value to our shareholders, evidenced by our trend of increasing dividends and the recent share buy-backs," said managing director Kenneth Pereira in a statement.
In 2QFY24, Hibiscus registered a net profit of RM102.34mil, up from RM70.47mil in the same quarter in 2023, representing an earnings per share of 12.72 sen against 8.75 sen.
Revenue was RM627.55mil in the quarter under review compared to RM713.13mil in 2QFY23.
Over the first half of the financial year, net profit was RM256.63mil compared to RM205.73mil in the previous corresponding period while revenue was RM1.37bil in 1HFY24 against RM1.32bil in 1HFY23.
On guidance, Hibiscus said it estimates to sell a total of 7.7 MMboe for FY24, which is in line with earlier guidance of about 7.5 to 7.8 MMboe. This would be an improvement from 7.1 MMboe of total oil, condensate and gas sold in FY23.
Meanwhile, Pereira said the group has continued the previous quarter’s strong operational showing by safely increasing its average production levels to over 22,000 boe per day for the first time in a single quarter
He added that the group's recent award of a further two blocks in the Quad 15 area of the UK's Central North Sea, in proximity to the Marigold field, affirms its commitment to oil and gas opportunities internationally.
