Hibiscus Petroleum rises 6.2% after announcing one sen final dividend

Hibiscus Petroleum rises 6.2% after announcing one sen final dividend
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KUALA LUMPUR (Oct 5): Hibiscus Petroleum Bhd rose as much as 4.5 sen or 6.21% on Tuesday to 77 sen, its highest in over one and a half years, after announcing a final single-tier dividend of one sen per ordinary share for the financial year ended June 30, 2021 (FY21).

At 9.53am, the counter settled at 76 sen, still up 3.5 sen or 4.83%.

The counter, which was among the most actively traded stocks in early trade, saw 25.02 million shares change hands.  

The group said in a bourse filing on Monday it had resolved to recommend a final single-tier dividend of one sen per ordinary share in respect of FY21, subject to its shareholders’ approval in the forthcoming annual general meeting of the company.

The dates of entitlement and payment in respect of the proposed final single-tier dividend will be determined and announced in due course.

The company on Feb 22, 2021 declared an interim dividend of half a sen per ordinary share, which was paid on April 8, 2021.

“We declared our first interim single-tier dividend of 0.5 sen earlier this year. We are now pleased to be able to propose this final dividend for the financial year ended June 30, 2021 to our shareholders for their approval in the forthcoming annual general meeting,” said Hibiscus chairman Zainul Rahim Mohd Zain.

Despite the uncertainties from the Covid-19 pandemic, he said the group’s cost-optimisation initiatives, coupled with improving oil prices, resulted in the group achieving a full-year profit after taxation of RM103.7 million, and a year-on-year growth in both revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) of 24% and 79% respectively.

“As we progress towards the completion of the recently announced transformative acquisition of high-quality oil and gas assets from Repsol Exploración SA, we believe that the group is well positioned to deliver a business performance that should enhance its shareholder value.

“This marks our maiden financial year of dividend declarations and going forward, we hope to continue to reward our loyal shareholders,” he said.

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Surin Murugiah