Hibiscus Petroleum Berhad continued its strong performance with the addition of 26 million barrels of oil equivalent (MMboe) in reserves and resources, following a 20-year extension of the PM3 CAA production sharing contract (PSC).
The company stated that the PSC extension from December 2027 to December 2047 resulted in a 217% net increase in 2P reserves and 2C resources, as verified by independent consultant Tetra Tech RPS Energy Ltd.
For the third quarter of financial year 2025, Hibiscus recorded RM572.8 million in revenue and posted a profit before tax (PBT) of RM128.3 million, with EBITDA at RM308.2 million.
However, profit after tax (PAT) was impacted by a non-cash deferred tax charge of RM167.3 million due to the implementation of the UK government’s Energy Profits Levy (EPL). Excluding this charge, the group’s Q3 net profit would have been around RM51.3 million.
To date, total sales for the first nine months of FY2025 have reached 6.6 MMboe, with the company expecting to close the year with approximately 9.1 MMboe in total sales, a 17% increase from the previous financial year.
In line with its performance, Hibiscus also declared a fourth interim dividend of 1.0 sen per share, bringing total dividends for FY2025 to 8.0 sen, exceeding a 5% yield for shareholders.
Commenting further, Hibiscus Petroleum Managing Director Dr Kenneth Pereira said the group had delivered a strong performance despite volatile oil prices and overseas tax challenges.
“The PM3 CAA extension offers significant potential for us to unlock additional value from this asset, strategically integrated with the PM3 CAA hub and the PKNB Cluster,” he said.
He added that Hibiscus also signed a USD100 million Islamic financing agreement with two leading financial institutions in Brunei to support the group’s long-term growth.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
