Chevron, shell and mainly all the major O&G companies are reporting huge profit this Q. All boats rise with the tide....will it be applicable here. What is interesting is that the shareholder asking the company to return it as a dividend rather than invest more into the business. This means less investment going into the field and less output . Less output, higher price eventually???....hmmm....interesting...
what we need is a quarterly report showing great earning and a repsol acquisition completion with details on how earnings will be enhanced to move upward, my guess...
linheng Foreign income tax in Yr 2022. So income from Hibiscus North Sea Oil is tax in 2022. That could have serious implications on bottom line
It already pays UK tax for which you get a credit. And UK tax is either equivalent or higher. Faham tak ? Don’t spew ignorance and misinformation please
AmInvest report dated 30/10/2021 - Cukai Makmur is a one-off special tax which will apply to companies with chargeable income above RM100 million. We gather that for the first RM100 million, the chargeable income will be subjected to income tax at a rate of 24%. As for the remaining chargeable income above RM100 million, a 33% rate will apply. All these will be applicable for the year of assessment 2022. Out of the 96 stocks that we cover, 62 (or 65% of them) have profit before tax at above RM100mil. The impact to the bottom lines for these companies ranges from 1.2% to 11.8%. We estimate that the sector with sharpest short-term impact on 2022 earnings are gloves (average 10.3% impact), oil and gas (average 10.1%) and banking (average 8.6%). See Exhibit 1 for our estimates on the 62 stocks that we cover.
Since when Hibiscus paying tax under ITA guys? It pays PITA . Already 38% unless there is a marginal or late life incentive. Do you guys understand the business of upstream or not ?
Ambank is not wrong. The majority of companies under O&G sector are not in the upstream sector, they are all in the service sector and do not produce any oil at all. So they will pay tax accordingly to ITA.
AmInvest is wrong and they made a very shallow and simplistic study. I can clearly point out on what they said on the few plantation companies. The impact on all this big plantation companies are much less that what they estimated as these company's business is structured into many Vsmaller subsidiary companies by region/estate/business unit/equity JV etc. Cukai Markmur is tax at company level , not group level. There may be some subsidiary companies earning more than $100m, but in the Group overall the tax increase is much smaller.
KingKong_Doll, thanks. My bad for not reading the report from Ambank. As for the other O&G companies, as I stated before are not producer at all and therefore subjected to ITA.
Sorry, while everyone is digging into the prosperity tax issue, i vote YES to a profit impact of 9% or so. I am not interested to know if there's impact not. Even if this happen and Hibiscus valuation get impacted in 2022, so what? Do your part as Malaysian. Rakyat Malaysia keeps shouting to government for help. You can't help? Or it's a matter of as long as the money don't come from me?
Opec refuse to pump more oil amid climate change pressure from the west. Bankers /financiers refuse to lend to oil companies. Investors activists threatened the Board of oil companies. Where are we going to get more supplies to ease price? I think oil price will stay above $80 for years.
The crystal ball is very murky, cannot see what is coming up ahead. The Pandemic has hit economies worldwide and for such a long time already. Many countries and companies are in big trouble. Can last for how long some more? just when people are trying to survive, the cost of everything is shooting up. It is a tough environment. What lies ahead? Who knows? Just keep some emergency funds, just in case this nightmare continues. Price of oil going up or coming down? nobody knows lah. You want to bet, it is no different from casino. Can try your luck. Myself not interested in gambling. Already sold out at 92 - 94 sens. Hands in the pocket, will wait.
dont so worry brent oil now is minor correction. Why i say that brent oil previously continue 2 month uptrend now is minor correction must have and consider normal lo...... important is current condition demand still there and brent oil after minor correction will move up again unless winter and shortage not is issue then brent oil will continue dropping and dropping.
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Posted by error413 > 2021-10-29 16:44 | Report Abuse
Go lucky Happy:
2020 loss 49m when oil price goes -ve.. 2021 profit 104m