PETALING JAYA: Hibiscus Petroleum Bhd achieved net oil, condensate and gas production of 22,191 barrels of oil equivalent per day (boe/day) in the second quarter of financial year 2024 (FY24), marking the first time its quarterly production exceeded 22,000 boe/day.
In releasing its unaudited financial results for the second quarter of FY24 (Q2’24) yesterday, it said in a statement that group revenue came in at RM627.6 million, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) and profit after tax (PAT) stood at RM325.3 million and RM102.3 million respectively. PAT improved by 45% over the corresponding quarter in FY23.
A total of 1.2 MMbbl of oil and condensate and 0.7 MMboe of gas were sold in Q2 FY2024, for a year-to-date total of 3.9 MMboe of oil, condensate and gas sold.
The group estimates to sell a total of 7.7 MMboe for FY24, which is in line with the guidance of approximately 7.5 to 7.8 MMboe provided earlier. The total oil, condensate and gas sold in FY23 was 7.1 MMboe.
The consistent positive financial performance has allowed the group to continue rewarding its loyal shareholders.
Hibiscusn Petroleum declared a second interim single-tier dividend of 2 sen per ordinary share for FY24, for a total of 4 sen declared to date. The group targets to declare a minimum total dividend per share of 7.5 sen over the course of FY24. Adjusting for the impact of the share consolidation exercise concluded in October 2023, this represents a 20% increase in dividend payout in a financial year to be declared in FY24 compared with FY23.
Subsequent to receiving a mandate from the company’s shareholders to buy back the company’s shares, as of Feb 19, 2024, the company purchased 3.0 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.
Managing director Dr Kenneth Pereira, said “We’ve continued the previous quarter’s 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 buybacks.”
