KUALA LUMPUR: Strong oil prices and favourable oil premiums are expected to support Hibiscus Petroleum Bhd
's earnings and cash flow momentum into the fourth quarter of its 2026 financial year, said managing director Datuk Kenneth Pereira.
The group swung into the black in the third quarter with a net profit of RM80.11mil, as compared to a net loss of RM115.97min in the year-ago quarter.
It registered an earnings per share of 10.86 sen as compared to a net loss of 15.4 sen previously. Quarterly revenue was RM517.76mil as compared to RM572.8mil in the previous comparative quarter.
According to the group, the performance was underpinned by an average realised oil and condensate price of US$76.7/bbl.
"The group is seeing higher realised oil and gas prices in the fourth financial quarter of FY26, with oil offtakes in April and May 2026 (accounting for approximately 65% of oil expected to be sold in Q4FY26) achieving realised oil prices of over US$120/bbl," it said in a statement.
Sales volume for 3QFY26 was 2.3MMboe of oil, condensate, and gas, bringing 9MFY26 total sales to 6.7MMboe.
Additionally, the group said it remains on track to achieve its FY26 production guidance of 9.0MMboe to 9.4MMboe.
The group declared a third interim dividend of three sen a share, with entitlement date on June 19, 2026, and payable on July 17, 2026.
For the nine-month period, Hibiscus Petroleum posted a net profit of RM170.55mil, against a net profit of RM42.89mil in the same period in 2025. Revenue in 9MFY26 came to RM1.5bil against RM1.7bil in the same comparative period.
"We remain firmly on track operationally, with the successful start-up of the Brunei LPC project and continued progress towards first oil from the Teal West Development by mid-2026, further supporting our 2026 Mission net production target of 35 kboe/day by end-2026," said Pereira.
"Looking ahead, we continue to advance projects to increase production while engaging with reputable potential strategic investors to further unlock long-term value for shareholders.”
