Hibiscus Petroleum posts higher 3Q net profit of RM101.81mil

Hibiscus Petroleum Bhd managing director Dr Kenneth Pereira

KUALA LUMPUR: Hibiscus Petroleum Bhd posted a higher net profit of RM101.81 million in the third quarter ended March 31, 2024 (3Q FY2024) versus RM71.51 million a year ago.

In a filing with Bursa Malaysia today, it said revenue rose to RM603.51 million from RM523.34 million a year ago.

The oil and gas company declared a dividend of two sen per share, raising the total dividend for the nine months ended March 31, 2024 to six sen per share with the ex-dividend date on June 20 and payment on July 19.

The group aims to declare a minimal total dividend of 7.5 sen per share for the financial year ending June 30, 2024 (FY2024).

The oil and gas company said the strong oil and condensate price levels of over US$90 per barrel (bbl) (1US$ = RM4.67) contributed to the group’s net profit and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of RM300.19 million for Q3 FY2024.

"The group produced an average of 21,096 barrels of oil equivalent (boe) per day of net oil, condensate and gas in 3Q FY2024. A total of 1.1 million barrels of oil (MMbbl) of oil and condensate, and 0.7 million barrels of oil equivalent (MMboe) of gas were sold in the current quarter," it said.

For FY2024, the group expects to sell between 7.5 and 7.8 MMboe, higher than 7.1 MMboe of total oil, condensate and gas sold in FY2023.

For the nine months ended March 31, 2024 (9M FY2024), Hibiscus Petroleum registered a net profit of RM358.44 million from RM277.24 million and a revenue of RM1.98 billion from RM1.84 billion a year ago.

Hibiscus Petroleum managing director, Dr Kenneth Pereira said the company's financial and operational results for 3Q FY2024 are strong.

He said the recent oil discovery made at the Bunga Aster-1 well has also reinforced their belief that the offshore PM3 oil field under a production-sharing contract continues to hold good potential and motivated them to make this area the main hub of their Malaysian and Vietnamese operations. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Hibiscus Petroleum , oil and gas


Next In Business News

SIDC launches new certification programme in sustainable responsible investment
Hengyuan announces unplanned shutdown of LRCCU unit
Exim Bank, ICBC Malaysia ink MoU to jointly promote use of Chinese yuan
Neston unit bags RM21mil contract for EPCC of Sungai Selangor solar plant
Genting units ink US$1bil EPCC contract with Wison New Energies for FLNG facility
Genting unit acquires 49% stake in Zhejiang gas-fired power plant
Elite Material Co Ltd invests RM900mil in Penang manufacturing facility
Etiqa survey sheds light on Gen Z's financial struggles
Microsoft’s UK CEO says tech giant has more LinkedIn vacancies than it did before AI boom
Asian shares steady, sterling treads with caution ahead of BoE meeting

Others Also Read