KUALA LUMPUR (Nov 19): Hibiscus Petroleum Bhd’s (KL:HIBISCS) net profit fell 51% year-on-year (y-o-y) in its first financial quarter ended Sept 30, 2024 (1QFY2025), dragged down by planned shutdowns at four of its assets, lower oil and gas prices and the strengthening ringgit versus the US dollar in the quarter under review.

Net profit for the quarter dipped below the RM100 million mark — to RM75.6 million from RM154.3 million a year earlier, Hibiscus said in its filing with the local bourse on Tuesday. Earnings per share came in lower at 9.54 sen for 1QFY2025 compared with 19.17 sen for 1QFY2024.

Quarterly revenue also dropped 36.1% to RM477.4 million from RM746.62 million a year earlier, as the group sold fewer oil, condensate and gas volume 1.67 million barrels of oil equivalent (boe), down 17.9% from 2.03 million boe a year earlier. Average selling price attained was also lower at US$83.55 (RM373.47) per barrel from US$96.94 per barrel in the same period.

The group also declared a first interim dividend of 2 sen per share for the financial year ending June 30, 2025 (FY2025), same with the previous year. The dividend payment date is Jan 22, 2025.

During the quarter under review, there was no sale of crude oil from its Kinabalu assets, and the Peninsular Malaysia, North Sabah and United Kingdom assets saw both lower crude oil volume and selling prices attained.

In terms of production, Hibiscus produced 16,707 boe of crude oil, condensate and gas products in 1QFY2025, 16.9% lower than the 20,117 boe produced in 1QFY2024.

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