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KUALA LUMPUR: Fuelled by high oil prices and new acquisitions, Hibiscus Petroleum Bhd delivered robust earnings in the fourth quarter of its 2022 financial year.
Net profit came in at RM215.51mil, more than four times the earnings of the same quarter last year, representing an earnings per share of 10.71 sen for the quarter.
Revenue meanwhile soared to RM868.37mil, from RM253.02mil in the comparative quarter.
For the entire financial year, net profit was RM613.06mil on revenue of RM1.7bil, which compares to net profit of RM103.68mil and revenue of RM804.78mil in the previous year.
"Overall, we are pleased with the progress and performance of the group.
"In January 2022, we successfully completed the acquisition of high-quality oil and gas assets from Repsol Exploración, S.A.,
"Against a backdrop of high oil prices, the additional volumes delivered by the recently acquired assets have allowed us to close off the 2022 financial year on a strong note," said managing director Kenneth Pereira in a statement.
In FY22, the group's recently acquired assets were full on board, helping it to meet its sales target of 4.6MMboe of oil, condensate and gas.
The sales volume was a significant increase from 3.7MMbbl of oil in FY21.
Moving into FY23, the group aims to sell 7.2 to 7.5MMboe of oil, condensate and gas, representing an increase of more than 50% from FY22.
Pereira said the group remains committed to delivering value for its stakeholders by working in a safe and responsible manner while deliver on its ESG goals.
"Part of this effort also involves constant dialogue with regulators and we are expending a lot of effort in this area, particularly during a period when governments are prioritising issues around long term energy security," he said.