KUALA LUMPUR (Feb 20): Oil and gas company Hibiscus Petroleum Bhd reported a 45.22% surge in its net profit for the second quarter of financial year 2024 (2QFY2024) from a year earlier, driven by higher average realised oil prices and lower operating costs.

Net profit for the three months ended Dec 31, 2023, rose to RM102.34 million or 12.72 sen per share, compared to RM70.47 million or 8.75 sen per share in 2QFY2023, Hibiscus said in a bourse filing.

The group declared a second interim single-tier dividend of two sen per share, higher than the 0.75 sen per share paid in the previous corresponding quarter.

Quarterly revenue, however, slipped 12% to RM627.55 million, from RM713.13 million a year ago, mainly due to lower sales volume and average realised gas prices.

For the first half of financial year 2024 (1HFY2024), net profit increased 24.74% to RM256.63 million, from RM205.73 million recorded in 1HFY2023, following a 4% growth in revenue to RM1.37 billion from RM1.32 billion in the same period the prior year.

On its outlook, Hibiscus projected to sell a total of 7.7 million barrels of oil equivalent (MMboe) for FY2024, with an average production cost of US$16.50 (RM79.10) per barrel of oil equivalent, which is in line with the guidance of approximately 7.5 to 7.8 MMboe provided earlier

As at the 2QFY2024, Hibiscus managed to sell a total of 1.2 million barrels of oil and condensate as well as 0.7 MMboe of gas. Year-to-date, a total of 3.9 MMboe of oil, condensate and gas sold.

Hibiscus managing director Kenneth Pereira said the earnings were underpinned by a continuous “strong operational” performance from the previous quarters, as evidenced by the company's success in increasing the average production levels to over 22,000 barrels of oil equivalent per day for the first time in a single quarter.

For supporting this, operations in the UK has also received an offer award of a further two blocks located in the Quad 15 area of the Central North Sea, following the offer of three blocks in the first tranche of the 33rd UK Offshore Licensing Round, Hibiscus added.

Shares in Hibiscus settled at three sen or 1.17% higher to RM2.60 at the midday break on Tuesday, valuing the group at RM2.09 billion.