Higher crude prices, rising production lift Hibiscus earnings 

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KUALA LUMPUR: Hibiscus Petroleum Bhd posted its fourth straight quarterly earnings growth, propelled by stronger oil production and rising selling prices.

In statement today, Hibiscus said it delivered 862,951 barrels of crude oil from three offtakes in the last quarter ended June 30.

Total delivery for the full year was 3.7 million barrels, higher than its own internal forecast of 3.2 million barrels.

For its 4Q FY2021 results, the Group registered a revenue of RM253mil and profit after tax of RM49.6mil.

Earnings before interest, taxes, depreciation, and amortisation was RM129.9mil, or a margin of 51%.

“There have been positive developments in the Group over 4Q FY2021. Conditional agreements for a transformative acquisition were executed,” group managing director Kenneth Gerard Pereira said.

“The Repsol asset acquisition is expected to almost triple the Group’s average net daily oil, gas and condensate production to 26,800 barrel of oil equivalent per day in 2022,” he added.

Meanwhile, the continued higher level of oil prices seen since the start of 2021, Pereira said has positively impacted the financial performance of the Group.

For the full year, both revenue and Ebitda expended by 24% and 79% respectively. Profit after tax was RM103.7mil.



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