This represented a 225.7% jump from a year ago. Earnings per share (EPS) jumped to 6.72 sen from 2.07 sen a year earlier.

The oil and gas explorer and producer’s group revenue also surged 145.1% from RM246.7 million to RM604.7 million.

All of the group’s producing assets in Malaysia and the UK enjoyed profits and were driven by relatively high oil, condensate, and gas prices.

In Q1 alone, Hibiscus Petroleum has sold one million barrels of (MMbbl) oil and condensate, and 510,000 barrels of oil equivalent (boe) of gas in its first quarter. Oil and condensate contributed RM502.1 million to total revenue and the sale of gas was valued at RM101.5 million.

The company expects to sell 7.2 to 7.5 million barrels of oil equivalent in oil, condensate, and gas for FY2023.

Hibiscus Petroleum managing director Kenneth Pereira believes the present trends driving high energy prices coupled with a strong US dollar will continue.

He also said the UK have made certain changes to the overall taxation levels, from which oil and gas exploration and production sectors will be affected.

“It is clear that decarbonisation initiatives within the UK have incentivised and encouraged us to identify further opportunities that will reduce carbon footprint in the country. This would minimise the tax increase whilst our growth strategy progresses,” he added.

Pereira also said while the energy profit levy is being increased, investment incentives are offered in conjunction with this increase. It is Hibiscus Petroleum’s intention to optimise value by phasing capital expenditure plans.

“We recognise the importance to reduce global emissions. It is important that oil and gas companies play a role in energy transition,” he said.