KUALA LUMPUR (Aug 27): Hibiscus Petroleum Bhd’s (KL:HIBISCS) net profit fell 11.84% year-on-year (y-o-y) in the quarter ended June 30, 2024 (4QFY2024), on the back of equipment impairment and higher expenses, which offset the higher revenue recorded by the oil and gas production outfit.
Quarterly net profit fell to RM108.68 million or 13.61 sen per share, from 123.28 million or 15.31 sen per share, Hibiscus said in its filing with the local bourse on Tuesday. It was the group’s fifth consecutive quarter above the RM100 million mark, despite the group seeing planned maintenance activities in the quarter.
The group has declared a dividend of 1.5 sen per share, bringing its full-year dividend in the financial year ended June 30, 2024 (FY2024) to 7.5 sen per share, in line with guidance and doubled from 3.25 sen in FY2023.
Quarterly revenue jumped 46.55% to RM738.05 million, from RM503.6 million, with 20,144 barrels of oil equivalent (boe), condensate and gas produced. The group saw an average price of US$89.58/bbl (barrels) for its products in the quarter.
On a quarter-on-quarter (q-o-q) basis, net profit rose 6.8% from RM101.81 million, whereas revenue rose 22% from RM603.51 million.
The strong performance lifted FY2024’s net profit by 16.63% to RM467.12 million or 58.22 sen per share, from RM400.52 million or 49.76 sen per share, while revenue rose 15.82% to RM2.72 billion, from RM2.34 billion.
Full-year results saw oil and gas sales of 7.85 million boe, above its 7.5 million to 7.8 million boe guidance.
For FY2025, Hibiscus aims to sell 1.7 million boe and 2.5 million boe in 1Q and 2Q, respectively.
“For FY2025, assuming the acquisition of TotalEnergies Brunei is completed by October 2024, we estimate total sales volume to be approximately 8.6 (million boe) to 8.9 million boe, an increase of 10% to 14% over FY2024 volumes,” it said.
“We are approaching the achievement of the lower end of our 2026 production target of 35,000–50,000 boe/day,” it added.
Shares of Hibiscus traded unchanged at RM2.24 at the time of writing on Tuesday, giving it a market capitalisation of RM1.8 billion.