• Delivered EBITDA of RM353.3 million and PAT of RM70.5 million for the financial quarter
ended 31 December 2022. EBITDA and PAT increased by 152.5% and 45.3% respectively
year-on-year
• Produced an average of 19,912 boe per day of oil, condensate and gas
• Sold 1.3 MMbbl of oil and condensate and 0.7 MMboe of gas in Q2 FY2023 from our
producing assets
• Anasuria Cluster operations back to normal following successful completion of riser
replacement in the financial quarter ended 30 September 2022
• For FY2023, the Group estimates to sell a total of 7.3 MMboe of oil, condensate and gas
• Declaration of an interim single-tier dividend 0.75 sen per ordinary share for FY2023
Hibiscus Petroleum Berhad released a Corporate and Business Update outlining the Group’s operational and
financial highlights in conjunction with the release of its unaudited quarterly financial results
for the second quarter of FY2023 (“Q2 FY2023”).
The Group reported an EBITDA of RM353.3 million and a PAT of RM70.5 million, driven by a
revenue of RM713.1 million, due to consistently high oil, condensate, and gas prices and
strong operational performance.
In Q2 FY2023, 1.3 MMbbl of oil and condensate and 0.7 MMboe of gas were sold, contributing
RM605.3 million and RM106.8 million to the total revenue, respectively. The Group provided
guidance that over the course of FY2023, the Group estimates to sell approximately 7.3
MMboe of oil, condensate, and gas.
PAT increased by 45.3% compared to that of the previous financial year's corresponding
quarter ended 31 December 2021, despite being adversely affected by a one-off and noncash net deferred tax liability charge of RM104.0 million relating to the United Kingdom’s
Energy Profits Levy (“EPL”). This one-off charge, which was recognised upon the introduction
of the EPL regime, will be fully reversed from the Group's statement of profit or loss during
the EPL regime period, which ends on 31 March 2028.
The relatively positive financial performance has allowed the Group to continue rewarding its
loyal shareholders. In conjunction with its second quarter results released on 16 February
2023, the Group declared an interim single-tier dividend of 0.75 sen per ordinary share for
FY2023.
The Group also provided further guidance to shareholders on dividend payout over the course
of FY2023 stating that subject to the matters reflected in our Dividend Policy, the Group is
aiming to target a minimum total dividend per share of 2.5 sen.
Commenting on the Group’s outlook, Managing Director, Dr Kenneth Pereira, said “We have
seen considerable growth in Q2 FY2023 which can be attributed to better performance from
the Peninsula Hibiscus Group assets and the Anasuria Cluster. Despite the one-off negative
non-cash adjustment from the Energy Profits Levy regime in the United Kingdom, we were still
able to deliver strong EBITDA and PAT numbers.
While our financial performance in this quarter has benefited from robust oil and gas prices,
our operational performance is testament to our effective management of our assets. This
strong level of operational performance as reflected in our high uptime figures, has resulted
in our Group achieving the highest average quarterly production volume to date. We will
continue to focus on improving operational efficiency, maximising value, and promoting
growth and sustainability in both Malaysia and the United Kingdom and remain committed to
consistently rewarding shareholders through disciplined value creation.”
