The oil and gas exploration and production group saw its net profit rise 14.1% to RM154.30 million in the first quarter of its new financial year (Q1 2024) from RM135.26 million in the previous corresponding quarter.

Oil prices rose an average of US$8 in the same period – from US$89 per barrel in September last year to US$97 per barrel this year.

The group’s revenue also recorded a growth, from RM604.77 million to RM746.62 million for a 23.5% rise in the same period.

Hibiscus Petroleum said it sold 1.4 million barrels (MMbbl) of oil and condensate and 600,000 barrels of oil equivalent (MMboe) of gas in the reported quarter.

Net production for the same period exceeded 20,000 boe per day, it added in a statement today.

In a separate filing with Bursa Malaysia, the group announced a first single-tier interim dividend of two sen per ordinary share for the financial year ending June 30, 2024, with a target to declare a minimum dividend of 7.5 sen per share over the financial year.

“Adjusting for the share consolidation exercise that was recently concluded, this forecast represents a 20% increase in dividends to be declared in FY2024,” it said.

The group said it is still on track to sell 7.5-7.8MMboe of oil, condensate and gas in FY2024, up from 7.1MMboe in FY2023.

Hibiscus Petroleum said that despite the fluctuations in oil prices, it has managed to remain profitable thanks to its ability to keep its average unit production costs below the average realised oil prices at the relevant times.

On its overall prospects, the group said it is well-positioned to build on its successful operational track record which has been developed in Malaysia and the UK.

“We remain focused on delivering optimal performance in a strong oil price environment,” it concluded.

At the close of trading today, its share price was up a sen or 0.37% to RM2.69, giving it a market capitalisation of RM2.17 billion.