Hibiscus Petroleum (Hibiscus) reported headline FY19 net profit of RM230m (+12.9 YTD). Stripping-off all the exceptional items amounting to RM42.8m, the core profit was higher at RM272.8m (+>100% YTD) on the back of higher revenue by 150.6% to RM988.3m. The performance was mainly attributed to the full-year contribution from the Group’s local producing asset i.e. North Sabah PSC. This was also coupled with relatively stable average selling crude oil prices throughout the year. Three off takes were done this quarter, bringing the total offtakes for the year to 12 from both assets versus management’s target of 10 – 11 initially. The results were below our expectations however, accounting for 89% of full year estimates though it was broadly in line with consensus at 96%. The discrepancy is from the higher tax liabilities from Anasuria field subsequent to a re-assessment of YTD income tax obligations. Moving forward, we remain positive on Hibiscus’ earnings outlook given its ongoing initiatives to constantly increase production. We maintain our earnings forecast, Outperform rating and TP at this juncture.
Despite the shutdown, there was no impact on offtakes scheduled this quarter. About 302,139 bbls of crude oil were sold this quarter at an average realized oil price of USD66.84/bbl. In total, the Group sold 1,349,170 bbls of crude oil in five cargoes in FY19 at an average realised oil price of USD66.60/bbl. The Anasuria field reported revenue of RM396.3m for the FY19 period with EBITDA at RM281.3m.
Source: PublicInvest Research - 21 Aug 2019
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Created by PublicInvest | Aug 12, 2024
Goodbye to fossil fuel. This is the beginning of the end. Electric cars are the future. Investments in this technology by big corporates are signs of transformation. Buckle up or get bucked off!
https://www.businesstimes.com.sg/transport/shell-launches-singapores-first-electric-vehicle-charging-points-at-petrol-stations
An investor should know about future transformation and not be emotional in his decision.
I am sure Shell is smarter than you.
2019-08-22 11:52
No right Nor wrong Only to Win
Can hit 1.800 this round ?
2019-08-21 10:16