PETALING JAYA: Hibiscus Petroleum Bhd
recorded a net profit of RM83.26mil in its second quarter ended Dec 31, 2024 (2Q25), down from the RM102.34mil reported in its previous corresponding quarter.
Earnings per share in 2Q25 slipped to 10.8 sen from 12.72 sen in the comparative quarter.
The group reported revenue of RM653.18mil, up from RM627.55mil in the year-ago quarter.
For the six-month period (1H25), Hibiscus Petroleum registered net profit of RM158.86mil compared with RM256.63mil in 1H24, while revenue dropped to RM1.13bil from RM1.37bil in the previous corresponding period.
The board of directors declared a second interim dividend of three sen per share, with the ex date on March 21, 2025, and payment on April 21, 2025.
In a statement, the group said it sold a total of 2.6 million barrels of oil equivalent (MMboe), condensate and gas and achieved a record high average production of 28,138 barrels of oil per day in 2Q25.
Managing director Kenneth Pereira said 2Q25 marked the first time the group included operational and financial contributions from its recently acquired Brunei subsidiary, which drove the record-high net production.
“Our full-year oil, condensate and gas sales volumes are expected to reach approximately 9.1 MMboe, 17% higher than FY24.
“With our production enhancement projects coming online this calendar year, we are well on track to achieving our mission for next year of producing between 35,000 and 50,000 barrels of oil per day,” he said.
While the group saw its net profit for 1H25 drop by 38.1% year-on-year, Pereira pointed out that its operating cash flows more than doubled to RM1.2bil, compared to RM559mil in 1H24.
As a result, he said the group was able to accelerate dividend payments, declaring five sen in 1H25 compared to four sen in 1H24.
Furthermore, Pereira said the group is on track to meet its minimum dividend guidance for FY25 of between eight and 10 sen, based on an oil price of between US$70 and US$80 per barrel, representing a dividend yield of 5%-6%.
