KUALA LUMPUR (July 1): Perdana Petroleum Bhd (KL:PERDANA) has announced the resignation of Datuk Hasmi Hasnan from its board of directors, effective Monday.

The group said Hasmi's decision to step down is driven by his need to, among others, focus on his role as the executive chairman of Dayang Enterprise Holdings Bhd (KL:DAYANG).

"He will be concentrating on Dayang's core strategic initiatives during this period of increased activities in the oil and gas industry," Perdana Petroleum said in a statement on Monday.

Hasmi was appointed executive chairman of Dayang on Feb 29, 2008 and resigned on Dec 23, 2015. He was then reappointed into the same role on Sept 1, 2018. He was also appointed as a non-independent non-executive director of Perdana Petroleum on the same day.

Dayang owns a 63.5% stake in Perdana Petroleum.

Hasmi has played a significant role in guiding the company through various strategic initiatives, contributing to its growth and success.

“We are grateful for Datuk Hasmi’s dedication and service to Perdana Petroleum. His insights and leadership have been instrumental in our achievements, and we fully support his decision to focus on his responsibilities at Dayang,” said Perdana Petroleum managing director Jamalludin Obeng.

Perdana Petroleum's net profit for the financial year ended Dec 31, 2023 saw a near fourfold jump to RM44.42 million from RM11.39 million a year earlier, on improved charter and flat utilisation rates. Revenue rose 59.65% to RM313.91 million from RM196.63 million.

Shares in Perdana Petroleum ended one sen higher at 40.5 sen, giving the group a market capitalisation of RM844.68 million.