The segment recorded an Ebitda of RM66.4m in the quarter compared to RM46.2m in the preceding quarter

By ASILA JALIL / Pic source Hibiscus Petroleum

HIBISCUS Petroleum Bhd posted a net profit of RM12.02 million for the second quarter ended Dec 31, 2020 (2Q21), an increase of 19.8% on a quarter-on-quarter (QoQ) basis, driven by better performance by its North Sabah segment.

Revenue increased 30.7% QoQ to RM190.29 million in 2Q21.

In a filing to Bursa Malaysia yesterday, Hibiscus declared a first interim dividend of 0.5 sen per share, payable on April 8.

The North Sabah segment recorded an Ebitda of RM66.4 million in the quarter compared to RM46.2 million in the preceding quarter.

SEA Hibiscus Sdn Bhd sold 870,874 barrels of crude oil in three cargoes compared to 592,453 barrels of crude oil from two cargoes in the preceding quarter.

The average realised oil price achieved in the current quarter was US$39.91 (RM161.24) per barrel compared to US$39.46 per barrel achieved in the last quarter.

Gross profit achieved by the segment in the 2Q was RM76.2 million mainly due to lower average of operating expenditure (opex) per barrel in the current quarter of US$13.32 compared to US$17.08 in the preceding quarter.

The North Sabah asset performed planned maintenance activities at the offshore platforms at St Joseph, South Furious and Barton.

Such activities included topside maintenance, well maintenance or intervention and pipeline inspection.

“The North Sabah asset performed better operationally in the current quarter compared to the preceding quarter.

“Average uptime recorded was 92%, while the average net oil production rate was 6,534 barrel per day compared to 86% and 6,251 barrel per day respectively in the preceding quarter,” Hibiscus noted in an exchange filing yesterday.

Anasuria Hibiscus UK Ltd asset sold 252,289 barrels of crude oil at an average realised oil price of US$40.85 per barrel in the quarter.

Total revenue achieved was RM46.2 million, while its gross profit was RM25.7 million.

The Anasuria asset achieved an average uptime of 95% and average daily oil equivalent production rate of 3,109 barrel of oil equivalent (boe) per day. Average opex per boe recorded was US$22, it said.

It also achieved an Ebitda of RM4.6 million in the current quarter.

For its future prospects, Hibiscus has activated various plans to mitigate the effects of low oil prices over its financial year 2020 (FY20). “

Planning is ongoing for a 45-day offshore turnaround of the Anasuria floating production storage and offloading (FPSO) in the financial year ending June 30, 2021. Hibiscus net profit year-on-year (YoY) was down 76.6% from RM51.25 million in 2Q20 and revenue fell 30% from RM271.85 million.

For the cumulative first six months of FY21, net profit declined 67.3% YoY to RM22.05 million, while revenue dropped 22.12% YoY to RM335.78 million.