Oil and gas company Hibiscus Petroleum Berhad saw its profit after tax improved by 45% to RM102.3 million in second financial quarter of FY2024 (Q2 FY2024) compared to the corresponding quarter in FY2023.
In a statement today (Feb 20), it also posted earnings before interest, taxes, depreciation, and amortization (Ebitda) of RM325.3 million and revenue of RM627.6 million for Q2 FY2024.
“In the quarter under review, the group achieved net oil, condensate and gas production figures of 22,191 barrel of oil equivalent per day (boe/day), marking the first time its quarterly production has exceeded 22,000 boe/day,” it said after it released corporate and business update in line with the release of its unaudited quarterly financial results for the Q2 FY2024.
For the quarter, a total of 1.2 million barrels (MMbbl) of oil and condensate and 0.7 million barrels of oil equivalent (MMboe) were sold for a year-to-date total of 3.9 MMboe oil, condensate and gas sold.
It had estimated to sell a total of 7.7 MMboe for the financial year ending 30 June 2024 (FY 2024), which is in line with the guidance of approximately 7.5 to 7.8 MMboe provided earlier.
Last year, the company sold a total of 7.1 MMboe for oil, condensate and gas.
Hibiscus said the consistent positive financial performance has allowed the group to continue rewarding its loyal shareholders.
“Today, the group declared a second interim single-tier dividend of 2 sen per ordinary share for FY2024, for a total of 4 sen declared to-date. As guided previously, the group targets to declare a minimum total dividend per share of 7.5 sen over the course of FY2024.
“Adjusting for the impact of the share consolidation exercise concluded in October 2023, this represents a 20% increase in dividends payout in a financial year to be declared in FY2024 compared to FY2023.
“Subsequent to receiving a mandate from the company’s shareholders to buy back the company’s shares, as of 19 February 2024, the company had purchased 3 million shares at an average price per share of RM2.53.
“These shares, representing 0.37% of total issued shares, are currently being retained as treasury shares,” it added.
Meanwhile, the company said its indirect wholly-owned subsidiary Anasuria Hibiscus UK Limited was offered an award of a further two blocks located in the Quad 15 area of the Central North Sea, in proximity to the Marigold field.
“This is following the offer of award of three blocks in the first tranche of the 33rd UK Offshore Licensing Round. The group plans to continue to work together with partners and the regulators to maximise the recovery of these resources in the Quad 15 area,” it said.
Commenting on the group’s outlook, Hibiscus managing director Dr Kenneth Pereira said the company have continued its strong operational showing by safely increasing our average production levels to over 22,000 boe per day for the first time in a single quarter.
“The offer of award of another two blocks in the United Kingdom also shows our commitment to oil and gas opportunities internationally.
“As ever, we remain focused on delivering value to our shareholders, evidenced by our trend of increasing dividends and the recent share buy-back,” he said.
