KUALA LUMPUR (March 13): Hibiscus Petroleum Bhd (KL:HIBISCS) has declared a third interim dividend of two sen per share for the financial year ending June 30, 2025 (FY2025), with the extension of one of its production sharing contracts (PSCs).

The company stated in a Bursa Malaysia filing on Thursday that details of the contract extension will be shared once approved by the relevant authorities.

The dividend's ex-date is April 8, with payment scheduled for May 2.

This brings Hibiscus' total dividends declared so far in FY2025 to seven sen per share, following a three sen per share payout announced in February and a two sen per share payout announced in November 2024.

In comparison, the company declared a total dividend of 8.5 sen per share for FY2024.

At the midday break on Thursday, Hibiscus shares climbed 8.03% or 11 sen to RM1.48, valuing the company at RM1.02 billion. At this price, the dividend translates to a yield of 4.73%.

Hibiscus reaffirmed in its filing that it remains on track to meet its minimum dividend guidance of between eight sen and 10 sen per share for FY2025, based on Brent crude oil prices ranging from US$70 to US$80 per barrel.

Hibiscus operates PSCs and concessions across Malaysia, Vietnam, Brunei, the UK and Australia, either on its own or with partners. Its portfolio includes production, development, and exploration assets.

For the second quarter ended Dec 31, 2024 (2QFY2025), Hibiscus' net profit fell 18.6% to RM83.26 million from RM102.34 million a year earlier, mainly due to higher costs of sales and increased tax expenses.

This was despite a 4.1% rise in quarterly revenue to RM653.18 million from RM627.55 million, driven by a 38.3% increase in oil, condensate, and gas sales volumes to 2.61 million barrels of oil equivalent (boe) from 1.89 million boe.

For the first half of FY2025, Hibiscus reported a 38.1% drop in net profit to RM158.86 million from RM256.63 million in the same period last year, as revenue declined 17.7% to RM1.13 billion from RM1.37 billion.

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