Hibiscus Petroleum Bhd announced a profit after taxation (“PAT”) of RM48.5 million for the financial quarter ended 31 December 2021 on the back of a turnover of 284,404 million for the current quarter December 31, 2021 from a net profit of RM12.07 million on the back of turnover RM190.285 million for the same quarter previously.
In a statement, it said that a total of 843,598 barrels (“bbl”) of crude oil were sold in the current quarter.
It said that In pursuit of business growth, we intend to maintain our geographic focus in the North Sea and Southeast Asia.
It said that it will continue to assess future growth opportunities in these areas with the aim of achieving our target production of 35,000-50,000 boe/d and 2P reserves of 100MMboe by 2026.
The Group said that it will continue to apply its current core competence to maximise the generation of cash in the near term (against a backdrop of strong oil prices) whilst also recognising that clean energy players will likely have a role to play during the energy transition.
Hibiscus said that over the next five years, its strategy will include fortifying the resilience of our portfolio of hydrocarbon assets, decarbonising our upstream operations, and investing in green/clean energy opportunities.
It said that the resilience of our portfolio of assets may be enhanced by increasing our gas reserves and resources, as we believe gas has a critical role in the energy transition.
The company said that 2022-2026 Mission will enable the Group to continually enhance shareholder value whilst also positively positioning the Company for a future in which the world will transition to a more diversified energy mix.
It said that on 22 February 2021, we declared a maiden interim single-tier dividend of 0.50 sen per ordinary share, which was paid on 8 April 2021.
It said subsequently, on 4 October 2021, the Board of Directors resolved to recommend a final single-tier dividend of 1.0 sen per ordinary share in respect of the financial year ended 30 June 2021, and this was paid out on 28 January 2022.
