KUALA LUMPUR, Aug 24 — Hibiscus Petroleum Bhd’s net profit for the financial year ended June 30, 2022, surged to RM613.06 million from RM103.68 million, fuelled by contributions from assets it recently acquired as well as high oil prices.
Its revenue soared to RM1.70 billion versus RM804.78 million while basic earnings per share stood at 30.52 sen compared with 5.91 sen previously.
The stellar full-year performance came on the back of a jump in the fourth quarter net profit ended June 30, 2022 (4QFY2022) to RM215.51 million from RM49.60 million with revenue increasing to RM868.37 million against RM253.02 million. The company said in a statement that with recently acquired assets fully on board in 4Q FY2022, the group met its target for FY2022.
The oil and gas exploration and production company declared an interim single-tier dividend of 1.0 sen per ordinary share.
The group also announced that as it moves forward into its fiscal year 2023, it targets to sell 7.2 to 7.5 MMboe (million barrels of oil equivalent) of oil, condensate and gas, representing an increase of more than 50 per cent compared to its achievement in FY2022.
“In January 2022, we successfully completed the acquisition of high quality oil and gas assets from Repsol Exploración, S.A. Against the backdrop of high oil prices, the additional volumes delivered by the recently acquired assets have allowed us to close off the 2022 financial year on a strong note,” said managing director Kenneth Pereira.
“Overall, we remain committed to delivering value for all our stakeholders by working in a safe and responsible manner whilst delivering on our ESG goals,” he added. “Part of this effort also involves constant dialogue with regulators and we are expending a lot of effort in this area, particularly during a period when governments are prioritising issues around long term energy security.” — Bernama
