Hibiscus Q2 net profit up fourfold

21 Feb 2019 / 11:30 H.

PETALING JAYA: Hibiscus Petroleum Bhd’s net profit for the second quarter ended Dec 31, 2018 surged over four fold to RM50.11 million from RM11.04 million a year ago mainly thanks to its Anasuria segment.

The group’s revenue doubled to RM165.16 million compared with RM76.06 million in the previous year’s corresponding quarter.

For the six-month period, Hibiscus’ net profit jumped over six times to RM150.11 million from RM21.83 million a year ago, while revenue more than tripled to RM525.11 million from RM134.3 million.

On its prospects, Hibiscus said its immediate focus as a group is the achievement of its 2021 mission.

The delivery of its 2021 mission entails the achievement of an average daily net production of 20,000 bbls of oil per day (bopd); as well as the securing of net proven and probable reserves/entitlement of 100 million bbls of oil.

As joint operator of the Anasuria Cluster and the North Sabah oilfields, Hibiscus said the group continuously focuses on optimising asset performance, but noted that its performance is impacted by external macroeconomic factors.

While all of its activities and acquisitions to-date have been funded with equity and internally generated funds, Hibiscus anticipates that the group will undertake certain fundraising activities in the next six months to ensure that its projects are executed smoothly.

“The group currently has no debt. Therefore, we are in a position to gear up to a conservative level if we need to, based on our forward looking plans. We are currently considering various debt options that are on offer, bearing in mind factors such as long-term capital requirements, benefits to the group to maintain a certain level of agility and financial flexibility, overall weighted average cost of capital, etc. We shall make the relevant disclosures as our plans mature.”

email blast