KUALA LUMPUR: Hibiscus Petroleum Bhd will pay a final dividend of one sen per share for the financial year ended June 30, 2024 (FY24).
In a statement today, Hibiscus Petroleum said the proposed dividend is subject to shareholder approval at its annual general dividend later this year.
"This brings the total dividends declared for FY24 to 8.5 sen per share, representing an increase of 36 per cent over the dividends paid for FY23, and a dividend yield of 4.3 per cent," it said.
Hibiscus Petroleum also announced its dividend guidance for FY25 with a minimum target of eight sen per share.
This will be realised if the average Brent price for FY25 is more than US$70 per barrel (bbl) or 10 sen per share (if such Brent price is more than US$80 per bbl).
"These represent an indicative dividend yield of 4.1 per cent and 5.1 per cent respectively," it said.
Its managing director Kenenth Pereira said the company's capital allocation framework underpins its capital expenditure and prioritises dividend payout.
Pereira said Hibiscus Petroleum has firm value triggers in terms of ongoing projects to be monetised in 2024 and 2025, including its North Sabah SF30 Waterflood project in Malaysia, the Teal West development in the United Kingdom and the proposed acquisition of the gas producing asset in Brunei.
"We also have our PM3 master hub plan in place to further accelerate growth from 2026 onwards.
"Accordingly, we are comfortable in giving our shareholders more granularity in our dividend guidance," he added.