KUALA LUMPUR: Hibiscus Petroleum Bhd's net profit increased more than four-fold year-on-year (YoY) to RM41.52 million in the first quarter (Q1) ended September 30, 2021 from RM10.03 million previously.
In an exchange filing today, the independent oil and gas exploration and production company said this was mainly driven by higher contribution from North Sabah and Anasuria Hibiscus business subsidiaries.
Its Q1 revenue jumped 70 per cent YoY to RM246.70 million from RM145.50 million on the back of the average realised oil price of US$75 per barrel with higher volume of oil sold during the period.
Hibiscus Petroleum said the worldwide rollout of Covid-19 vaccines and countries relaxing lockdown and travel restrictions would contribute to higher oil demand.
It added that the Organisation of the Petroleum Exporting Countries + production cuts would ensure balanced oil markets.
"Given the outlook of increased production through the completion of a transformative acquisition, and a strengthening oil price environment, we look forward to a positive performance for the financial year ending June 30, 2022.
"Overall, while we are cognisant of various uncertainties caused by the continuing Covid-19 pandemic, we remained focused on delivering optimal performance in an improving oil price environment," it added.