KUALA LUMPUR (Feb 16): Hibiscus Petroleum Bhd’s net profit for the second quarter ended Dec 31, 2022 (2QFY2023) rose 45% year-on-year to RM70.47 million from RM48.49 million, on the back of high oil and gas prices and as it achieved its highest average quarterly production ever.

Earnings per share rose to 3.5 sen, from 2.42 sen in 2QFY2022, Hibiscus’s filing showed. The group declared a dividend of 0.75 sen per share.

Quarterly revenue rose 150.74% to RM713.13 million, from RM284.4 million.

However, on a quarter-on-quarter basis, Hibiscus’s net profit went down by 49.9% to RM70.47 million from RM135.26 million, despite revenue rising 17.91% to RM713.13 million, from RM604.77 million.

In the latest quarter, Hibiscus incurred a one-off non-cash adjustment from the Energy Profits Levy regime in the United Kingdom amounting to RM104 million, which will be reversed in March 2028. 

In 2QFY2023, 1.3 million barrels of oil and condensate, and 0.7 million barrels of oil equivalent (boe) of gas were sold, contributing RM605.3 million and RM106.8 million to the total revenue, respectively. It estimates to sell approximately 7.3 million boe of oil, condensate and gas in the whole of FY2023.

On production, Hibiscus produced an average of 19,912 barrels of oil equivalent per day (boe/d) of oil, condensate and gas — its highest in a quarter. Average operating expenditure (opex) stood at US19/barrel (bbl) in the Anasuria cluster and North Sabah; and slightly lower at US$16/bbl under the Peninsula Hibiscus group, it said.

“While our financial performance in this quarter has benefitted from robust oil and gas prices, our operational performance is a testament to our effective management of our assets,” said Hibiscus managing director Kenneth Pereira.

“We have seen considerable growth in 2QFY2023, which can be attributed to better performance from the Peninsula Hibiscus group assets and the Anasuria cluster,” he said.

For the six months ended Dec 31, 2022 (1HFY2023), Hibiscus’s net profit more than doubled to RM205.73 million or 10.22 sen per share, from RM90.01 million or 4.48 sen per share.

Similarly, revenue rose 148.15% to RM1.32 billion, from RM531.09 million. 

Hibiscus’ shares rose four sen or 3.64% to RM1.14, giving it a market capitalisation of RM2.29 billion.