KUALA LUMPUR (Bernama) — Hibiscus Petroleum Bhd registered a higher net profit of RM32.03 million in the third quarter (Q3) ended March 31, 2021, compared with RM28.47 million a year earlier on better oil prices.
Revenue rose to RM215.98 million from RM175.86 million previously, it said in a filing with Bursa Malaysia today.
In a statement, the oil and gas exploration and production company said average realised oil prices stood at US$60.46 per barrel in the quarter for crude sales from its Malaysian North Sabah asset.
“A corresponding increase (was) also seen for sales conducted from its United Kingdom, North Sea asset with an improvement from US$40.85 per barrel in the second quarter to US$54.04 per barrel in Q3,” the company said.
About 874,944 barrels of crude oil were delivered in the quarter under review from three offtakes — two from the North Sabah asset and one from Anasuria.
The company said it expected to deliver a further three offtakes for the final quarter for a total of about 3.7 million barrels sold in the financial year ending June 30, 2021 (FY21).
Managing director Dr Kenneth Gerard Pereira said oil prices had continued to improve since the previous quarter.
“Notwithstanding this positive market sentiment for our sector, we remain cautious given the macro level uncertainties being exacerbated by the prevalence and spread of COVID-19 variants.
“We are also focused on our cost optimisation initiatives whilst ensuring safe and efficient business continuity,” he said.
He said Hibiscus Petroleum was working diligently on various merger and acquisition opportunities, focusing on producing assets in the Southeast Asia region.