KUALA LUMPUR (May 24): Hibiscus Petroleum Bhd posted a net profit of RM71.51 million or 3.55 sen per share in the third quarter ended March 31, 2023 (3QFY2023), down 76.7% from RM307.54 million or 15.32 sen the previous corresponding period due to higher expenses, including deferred taxation, and absence of negative goodwill.

Notably, there was negative goodwill from business combination amounting to RM317.3 million in the previous corresponding period ended March 31, 2022 (3QFY2022).

In a statement on Wednesday (May 24), the group announced an interim single-tier dividend of 0.75 sen, translating to a total of 1.5 sen declared to date, adding that it is targeting a minimum total dividend per share of 2.5 sen over the course of FY2023.

Revenue almost doubled to RM523.34 million from RM297.06 million in 3QFY2022.

The group said during the quarter under review, it achieved earnings before interest, taxes, depreciation and amortisation (Ebitda) of RM291.6 million, an increase of 80% from a year ago.

For the nine months ended March 31, 2023, Hibiscus' net profit fell 43.3% to RM277.24 million from RM397.55 million in the same period last year, despite revenue more than doubling to RM1.84 billion from RM828.15 million. Year-to-date, normalised Ebidta stood at RM947.9 million.

Hibiscus said during the period under review, it sold 1.1 million barrels (MMbbl) of oil and condensate and 700,000 bbl of oil equivalent (mmboe) of gas for a total sales volume of 1.8 mmboe.

In the current quarter, it achieved an average oil, condensate and gas production of 21,214 boe/day, with its wholly owned subsidiary Peninsula Hibiscus Group accounting for 65% of the production.

Additionally, the group completed the drilling of the longest well in Malaysia in March 2023, extending to a total measured depth of approximately 7km, with gross production of about 3,000 bbl/day.

The group also discovered approximately 1.6 mmboe net 2P gas reserves via the Bunga Lavatera-1 exploration well in April 2023.

Hibiscus is forecasting to sell a total of 7.2 mmboe of oil, condensate and gas for the financial year ending June 30, 2023 (FY2023).

Hibiscus shares settled up one sen or 1.1% higher at 94 sen, for a market capitalisation of RM1.89 billion.