Hibiscus records net profit of RM123.28mil, proposes 5-to-2 share consolidation

KUALA LUMPUR: Hibiscus Petroleum Bhd posted a net profit of RM123.28mil in the fourth quarter of its financial year, which was less than half the net profit of RM255.39mil registered in the same quarter in 2022.

This brought the group’s earnings per share to 6.13 sen, down from 12.69 sen previously.

Revenue, meanwhile, was down to RM503.6mil from RM868.37mil in the previous corresponding quarter.

For the cumulative 12-month period, Hibiscus’ net profit was RM400.52mil on the back of RM2.34bil revenue, which compares to net profit of RM652.94mil and revenue of RM1.7bil.

Managing director Kenneth Pereira said FY23 marked the first full year of the Peninsula Hibiscus group’s assets contributing to the group’s financial and operational performance.

“With those assets on board, we’ve crossed the RM2bil mark in revenue for the first time.

“We are pleased to achieve this milestone and look forward to increasing our output by between 6% and 10% in FY24, as evidenced by our larger production volume guidance of 7.5 to 7.8 MMboe,” he said in a statement.

The group declared a third interim dividend of 0.5 sen per share, going ex on Sept 21, 2023, and payable on Oct 20, 2023.

This brought the group’s year-to-date payout to two sen per share. In line with the group’s earlier guidance, it said it targets to declare a minimum total dividend per share of 2.5 sen over the course of FY23.

Separately, the group has proposed to undertake a consolidation of every five existing Hibiscus shares into two consolidated shares.

It said the proposed share consolidation was to reduce the volatility of the company’s share price and create a more stable trading environment for the shares.

“Upon completion of the proposed share consolidation, the issued share capital of the company shall remain the same.

“Further, there shall be no change in the percentage of equity interest and market value of shares held by shareholders (other than non-material changes due to rounding and the disregard of fractional entitlements),” it said.