KUALA LUMPUR: Hibiscus Petroleum Bhd’s net profit surged 92 per cent to RM203.71 million in the year ended June 30, 2018 (FY18) from RM106.10 million previously.
In an exchange filing today, Hibiscus said its Q4 revenue jumped per cent to RM184.63 million from RM74.46 million a year ago.
This was fuelled by fair value gain upon completion on March 31, 2018 of the acquisition of a 50 per cent stake in the 2011 North Sabah Enhanced Oil Recovery Production sharing contract (North Sabah) as well as earnings from its crude oil production at the Anasuria Cluster in the North Sea off the United Kingdom.
For the fourth-quarter (Q4) ended June 30, Hibiscus’ net profit rose RM98.75 million from RM8.65 million, while revenue jumped to RM184.63 million from RM74.46 million previously.
Managing director Dr Kenneth Pereira said the company had completed and begun recognising the financial performance of its 50 per cent interest in the North Sabah asset.
“Thus, we now have two assets which are delivering positive cash flows amidst a backdrop of strengthening oil prices.
“Having completed the North Sabah transaction as planned, our focus will be on integration of the North Sabah operations into existing work processes and performance-based operating culture with a view to lowering average unit production costs over the medium term,” he said.
Pereira added that the company intended to ramp up planned maintenance activities over the next two quarters and commence development projects in 2019.
“At the Anasuria Cluster we have identified several drilling opportunities for 2019 and 2020 and will continue to pursue enhanced uptime and production rates as part of our strategy to achieve average production of 5,000 barrels per day by FY20 compared to about 3,000 barrels of oil equivalent per day in FY18.”