Latest news with #HibiscusPetroleumBhd
The Star
23-05-2025
- Business
- The Star
Hibiscus Petroleum sees stronger cashflows, eyes growth despite UK levy impact
BIMB Research revised its 2025, 2026 and 2027 earnings forecasts for Hibiscus to RM331mil, RM515mil and RM430mil, respectively. PETALING JAYA: Hibiscus Petroleum Bhd posted a net loss of RM115.97mil or loss of 15.4 sen a share for its third quarter ended March 31, of the financial year 2025 (3QFY25), due to a one-off, non-cash deferred tax liability charge of RM167.3mil related to the UK's Energy Profits Levy (EPL). Barring that, the upstream oil company made a pretax profit of RM128.3mil on revenue of RM572.8mil for the period earned an average realised oil and condensate price of US$78.2 a barrel. In a release, Hibiscus noted that excluding the levy, it would have posted a net profit of RM51.3mil for the quarter. "The charge (EPL) is expected to be fully reversed to the Group's statement of profit or loss during the window for which the EPL regime applies, i.e. up to March 31, 2030," it stated. For the nine months, Hibiscus' operating cashflows amounted to RM1.5bil, a 144% on-year increase compared to the same period in FY24. Hibiscus added it sold a total of 2.1 million barrels of oil equivalent (MMboe) of oil, condensate and gas, and achieved an average production of 26,956 boe/day in 3Q25. "The Group is well-positioned to sell 9.1 MMboe of oil, condensate and gas for FY25, exceeding FY24's volumes by 17%," it stated. A fourth interim single-tier dividend of 1sen per ordinary share was declared on, resulting in declared total dividends of 8sen per ordinary share to date for FY25. "We have made significant progress towards our longer term growth strategy in April 2025. The 20-year PM3 CAA (commercial arrangement area) PSC (production sharing contract) extension unlocks 26 MMboe of 2P reserves and 2C resources, significantly enhancing the value of our asset base. We look forward to monetising this potential as part of the broader PM3 CAA hub strategy, alongside the PKNB Cluster," managing director, Dr Kenneth Pereira, said. Hibiscus added as of May 22, 2025, a total of 67.6 million shares have been purchased as part of its share buy-back programme, at an average price of RM1.99 per share. Of these, 36.6 million shares were cancelled in November 2024, while the remainder are retained as treasury shares.
New Straits Times
23-05-2025
- Business
- New Straits Times
Hibiscus Petroleum posts RM115.97mil net loss in 3Q25
KUALA LUMPUR: Hibiscus Petroleum Bhd posted a net loss of RM115.97 million for the third quarter ended March 31, 2025 (3Q FY2025), compared with a net profit of RM101.81 million in the same period a year ago. In a Bursa Malaysia filing today, Hibiscus said that the current quarter's results were affected by a one-off, non-cash deferred tax liability of RM167.3 million due to the United Kingdom's Energy Profits Levy (EPL). "Without this charge, the normalised profit after tax (PAT) would have been RM51.3 million. This charge is expected to be fully reversed by March 31, 2030," it said. Revenue declined to RM572.80 million from RM603.51 million previously. For the first nine months of FY2025, its net profit dropped to RM42.89 million from RM358.44 million, while revenue fell to RM1.70 billion from RM1.98 billion previously. Commenting on the group's outlook, managing director Dr Kenneth Pereira said that the company's performance this quarter underscores the effectiveness of operations, the quality of assets and the commitment of the team. "Despite fluctuating market conditions and a one-off, non-cash deferred tax charge of RM167.3 million related to the UK's EPL and lower oil and gas prices, we delivered strong financial results – with EBITDA of RM308.2 million and PBT of RM128.3 million – and remain firmly on track to achieve our full-year sales volume target of 9.1 million barrels of oil," he said. The company has declared a fourth interim single-tier dividend for FY2025 of 1.0 sen per ordinary share was declared on May 23, 2025, resulting in declared total dividends of 8.0 sen per ordinary share to date for FY2025. Meanwhile, in another filing, Hibiscus said that it has appointed Tetra Tech RPS Energy Ltd to conduct an independent assessment of its 35 per cent working interest in the PM3 CAA block, located in the Malaysia-Vietnam commercial arrangement area. "The evaluation, known as a Competent Person's Report, follows the 20-year extension of the asset's tenure and aims to assess its updated reserves and resource potential," it added. -- BERNAMA
New Straits Times
23-04-2025
- Business
- New Straits Times
Hibiscus Petroleum committed to giving back to communities
KOTA KINABALU: Hibiscus Petroleum Bhd has uplifted communities across Malaysia through corporate social responsibility (CSR) programmes, with a strong focus on Sabah. Its chairman, Zainul Rahim Mohd Zain, said the company's commitment extends beyond its core business operations. Hibiscus Petroleum is Malaysia's first listed independent oil and gas exploration and production company. It is focused on monetising producing oil fields and expanding its development and production assets in various locations, like Malaysia, Vietnam, Brunei, the United Kingdom and Australia. Hibiscus Petroleum logged RM2.7 billion in revenue for the financial year 2024, the second consecutive year surpassing RM2 billion. "Beyond business, Hibiscus Petroleum remains committed to giving back to the communities in which we operate. "In 2024, we impacted over 40,000 people through initiatives in healthcare, education and the environment," he said during the company's Hari Raya celebration at a hotel here. Among its initiatives in Sabah, are programmes to enhance livelihoods and environmental awareness. "As part of our commitment to community development here in Sabah, we've launched several impactful CSR initiatives. "These include empowering 20 B40 (Bottom 40 per cent of income earners) women in Kudat and Kota Marudu with tailoring skills, engaging 150 students and 60 teachers in a mangrove preservation outreach across Sabah, and promoting safety awareness among 500 students in Kota Belud through the upcoming Safe Programme." Zainul added that the company had also expanded its Super Sarapan breakfast initiative to address food insecurity among schoolchildren. Originally implemented in Kelantan, the programme now includes two schools in Kota Belud — SK Tamau and SMK Usukan — benefiting 80 students. In healthcare, Hibiscus has provided free human papillomavirus screenings to over 5,000 individuals for Sabahans since 2021. Hibiscus has also sponsored renewable energy access for 124 homes in Kampung Paus, Ranau. The Hibiscus Wakalah programme has benefitted over 8,000 underprivileged individuals.
