KUALA LUMPUR (Nov 27): Hibiscus Petroleum Bhd’s net profit shot up to RM100 million in its first quarter ended Sept 30, 2018 (1QFY19), nine times the RM10.78 million it achieved a year ago, as revenue jumped six times on contribution from two producing assets, Anasuria in the UK and North Sabah in Malaysia. 

In the year-ago quarter, Anasuria was the group's sole producing asset when it recorded a revenue of RM58.24 million, which has grown to RM359.96 million in 1QFY19, its Bursa Malaysia filing showed. Earnings per share rose to 6.30 sen from 0.73 sen.  

Anasuria contributed RM166.8 million to the group's revenue in 1QFY19, with a profit before tax (PBT) of RM95.6 million. The North Sabah Production Sharing Contract (PSC) contributed RM192 million in revenue, with PBT of RM76 million.

"A total of approximately 1.1 million barrels (bbls) of crude oil were sold in the quarter. This consists of about 524 thousand bbls from Anasuria sold at an average realised oil price of US$73.88 per bbl, and about 595 thousand bbls of oil from the North Sabah PSC sold at an average realised oil price of US$78.55 per bbl," Hibiscus said in a separate statement.

Its managing director Dr Kenneth Pereira said while the group has achieved high prices for crude oil sold in this quarter, world oil markets are experiencing increased volatility. 

“The group has seen oil prices at various levels, on some occasions lower and other times, higher, and we have managed to remain profitable throughout. This is primarily because our average unit production cost for both the Anasuria and the North Sabah assets have always been significantly below the average realised oil price,” he said. 

Careful management of costs to maintain low operational expenditure and the delivery of production enhancement projects are key towards achieving low unit production costs, and will remains the group's focus areas, Pereira said.

At market close, Hibiscus Petroleum’s shares retreated 3.5 sen or 3.43% to 98.5 sen, giving it a market capitalisation of RM1.56 billion. Over the past 12 months, the stock has gained near 30%.