KUALA LUMPUR (Nov 22): Oil and gas exploration and production company Hibiscus Petroleum Bhd saw its net profit for its first financial quarter ended Sept 30, 2023 (1QFY2024) rise 14.1% to RM154.3 million from RM135.26 million a year earlier, on high average realised prices obtained for the sale of both crude oil and gas. It achieved an average realised oil price of US$96.94 (RM451.06) per barrel in the current quarter.

This resulted in a higher earnings per share of 7.67 sen for 1QFY2024 compared with 6.72 sen for 1QFY2023.

Quarterly revenue also grew 23.5% to RM746.62 million from RM604.77 million a year earlier.

The group also declared a first interim dividend of two sen per share for the financial year ending June 30, 2024 (FY2024), with an aim to declare a minimum total dividend per share of 7.5 sen over the course of FY2024.

"Adjusting for the share consolidation exercise that was recently concluded, this forecast represents a 20% increase in dividends to be declared in FY2024," Hibiscus Petroleum said in a statement on Wednesday.

A total of 1.4 million barrels of crude oil and condensate and 0.6 million barrels of oil equivalent (MMboe) of gas were sold in 1QFY2024, while net production reached 20,117 boe per day. Hibiscus Petroleum said it remains on track to achieve its previous guidance of selling 7.5 to 7.8 MMboe of oil, condensate and gas in FY2024. Total oil, condensate and gas sold in FY2023 was 7.1 MMboe.

On the group’s outlook, Hibiscus Petroleum managing director Dr Kenneth Pereira said: “We’ve entered the new financial year on a strong operational and financial footing. In Malaysia and the UK, there have been important milestones achieved on various projects. A drilling programme covering our Malaysian exploration targets is now underway. The targets are near-field, close to existing infrastructure and if successful, could be put into production relatively quickly.”

"In the UK, the unitisation and unit operating agreement for the Marigold field in the UK North Sea allows us to move forward with regulatory submissions towards a development of the unit. The recent completion of the Fyne farm-in and our successful application for the award of three blocks in the UK shows that the regulator remains motivated to maximise economic recovery from the North Sea provided its net zero climate change mitigation goals are also prioritised,” he added. Four exploration targets are being pursued in Malaysia, with drilling having commenced in October 2023.

At noon break on Wednesday, Hibiscus Petroleum shares ended unchanged at RM2.68, with 552,900 shares traded. Its market capitalisation stood at RM2.16 billion.