KUALA LUMPUR: Hibiscus Petroleum Bhd's net profit stood at RM400.52 million for the year ended June 30 2023 from RM652.94 million a year ago while revenue surged to RM2.34 billion from RM1.69 billion.
On the back of the strong revenue, Hibiscus achieved an earnings before interest, taxes, depreciation and amortisation (Ebitda) of RM1.3 billion, besides the RM400.5 million net profit.
This represented a 65.9 per cent and 19.3 per cent year-on-year growth over the "normalised" Ebitda and "normalised" net profit recorded in FY2022.
The "normalised" results in FY2022 were arrived at after excluding the negative goodwill of RM317.3 million which was recognised upon completing the acquisition of the Peninsula Hibiscus Group's assets from Repsol Exploración S.A. in January 2022.
Hibiscus posted a lower net profit of RM123.28 million in the fourth quarter, less than half the net profit of RM255.39 million registered in the same quarter in 2022.
This pushed the group's earnings per share to 6.13 sen, down from 12.69 sen previously.
Group revenue for the quarter went down to RM503.6 million from RM868.37 million in the previous corresponding quarter.
Managing director Kenneth Pereira said FY2023 marks the first full year of the Peninsula Hibiscus Group's assets contributing to Hibiscus' financial and operational performance.
"With those assets on board, we've crossed the RM2 billion mark in revenue for the first time.
"We are pleased to achieve this milestone and look forward to increasing our output by between 6.0 per cent and 10 per cent in FY2024, as evidenced by our larger production volume guidance of 7.5 to 7.8 MMboe.
Pereira said the group had proposed to undertake a consolidation of every five existing Hibiscus shares into two consolidated shares.
The consolidation was to reduce the volatility of the company's share price and create a more stable trading environment for the shares.
He said Hibiscus' work on projects to increase production in Malaysia and the UK continued with material milestones having been achieved.
With its steel first cut in May 2023, the SF30 waterflood phase 2 project at North Sabah is underway and on track to see first oil in 2024.
"The environmental statement and field development plan approvals and the granting of the production consent for the Teal West field are major achievements that will result in the prolongation of the economic life of the Anasuria cluster.
"We look forward to first oil from Teal West in late 2024/early 2025," Pereira added.
Hibiscus' share price rose by 2.14 per cent to 96 sen yesterday.
