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Hibiscus Petroleum net profit soars to RM307.54 mln in Q3

25/05/2022 05:11 PM

KUALA LUMPUR, May 25 (Bernama) -- Hibiscus Petroleum Bhd's net profit for the third quarter ended March 31, 2022 (Q3) surged to RM307.54 million from RM32.03 million in the same quarter a year ago, amid high average realised oil price and low average operating costs. 

The oil and gas exploration and production group reported a revenue of RM297.06 million, up from RM215.98 million previously. 

The company has declared a single-tier interim dividend of 1.0 sen per ordinary share in respect of the financial year ending June 30, 2022, payable on July 22, 2022.

In a filing with Bursa Malaysia, Hibiscus Petroleum said a total of 471,973 barrel (bbls) of crude oil were sold in the current quarter, consisting of 300,252 bbls from North Sabah, 74,304 bbls from the Anasuria Cluster and 97,417 bbls from its newly-acquired assets, namely PM3 CAA (Commercial Arrangement Area) and PM305 and PM314 both in the Malay Basin.

The company said the North Sabah segment recorded revenue and gross profit of RM113.1 million and RM80.7 million respectively in Q3. 

"During the current quarter, the segment sold 300,252 barrels (bbls) of crude oil in one offtake at an average realised oil price of US$89.58 per bbl. 

"Both average uptime and average operating expenses (OPEX) per bbl were at healthy levels. Average uptime achieved was 87 per cent while average OPEX per bbl recorded was US$12.89," it said. 

Hibiscus Petroleum said the average net oil production rate in Q3 was, however, marginally lower than expected, at 4,695 bbls per day due to higher unplanned production interruptions in January 2022.

It said the North Sabah’s metrices were also impacted by the commencement of Calendar Year 2022’s (CY 2022) annual planned major maintenance campaign in March.

Meanwhile, the company said its current assets increased to RM993.5 million as at March 31, 2022, from RM659.6 million as at June 30, 2021. 

"The higher current assets balance as at March 31, 2022 was due to the inclusion of the current assets of the Fortuna International Petroleum Corporation (FIPC). 

"Balances related to the FIPC as at March 31, 2022 amounted to RM687.3 million, which included a cash balance of RM165.7 million," it said. 

Moving forward, Hibiscus Petroleum said as the joint operator of the Anasuria Cluster and the operator of North Sabah, PM3 CAA, Kinabalu, PM305, PM314 and Block 46, the group would continuously focus on optimising asset performance. 

"But it is equally important to note that our performance is impacted daily by external macroeconomic factors over which we exert minimal control. 

"Overall, we remain focused on delivering optimal performance in a strong oil price environment," it added.




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