In a filing with Bursa Malaysia today, the company said revenue was 46.54% higher at RM738 million for Q4 FY2024 compared to RM503.6 million for the same quarter of FY2023 (Q4 2023).
However, it reported a 16.63% higher net profit of RM467.12 million for the financial year ended June 30 (FY2024) versus RM400.52 million in FY2023.
Revenue for FY2024 rose 16.24% to RM2.72 billion from RM2.34 billion a year ago.
The oil and gas company declared a fourth single-tier interim dividend of 1.5 sen per share for FY2024.
The dividend will be paid on Oct 25 based on the dividend entitlement date set for Sept 26.
Separately in a statement, it said the group sold a total of 7.85 million barrels of oil equivalent (MMboe) of oil, condensate and gas, exceeding the original guidance of 7.5 to 7.8 MMboe, which is 10% higher than total sales in FY2023.
The group produced an average 20,144 barrels of oil equivalent (boe) per day of net oil, condensate and gas in the fourth quarter of FY2024, it said.
Hibiscus Petroleum said the proposed acquisition of TotalEnergies EP (Brunei) BV, which has a 37.5% operating interest in a Brunei gas-producing asset, is expected to increase the group’s reserves and production by 36% and 37% respectively.
It said the 65% operated interest in the PKNB Cluster production sharing contracts (PSC) is the group’s first direct award of a PSC by Petroliam Nasional Bhd (Petronas) and contains four gas-discovered fields.
“The group announced the 30% farm-in to PM327 PSC, one of the largest exploration blocks offshore Peninsular Malaysia.
“Together with the organic developments of the Teal West and SF30 Waterflood projects, we are approaching the achievement of the lower end of our 2026 production target of 35,000 to 50,000 boe per day,” it said.
Managing director Kenneth Pereira said that given the group’s conservative gearing ratio of 0.12 as of June 30, near-term growth activities will be funded through the use of internal funds and existing debt facilities.
We do not envisage any equity issuances, he said, adding that the group remains focussed on driving operational excellence and pursuing growth opportunities to secure long-term value.
At the close of trading, Hibiscus’s share price was up by nine sen or 4.02% at RM2.33, giving the group a market capitalisation of RM1.88 billion.