KUALA LUMPUR (Aug 20): Hibiscus Petroleum Bhd's net profit for the fourth quarter ended June 30, 2019 (4QFY19) plunged 75% to RM24.72 million, from RM98.75 million a year earlier, despite recording a higher revenue.

Quarterly revenue rose 28.4% to RM237.07 million from RM184.63 million, the independent oil and gas exploration and production company said in a filing to Bursa Malaysia. 

The group, however, ended its financial year with a full-year net profit of RM230.01 million, up 13% compared with RM203.71 million in the previous year. 

Notably, full-year revenue more than doubled to RM988.30 million, from RM394.34 million previously.

In a separate statement, Hibiscus said improvement in overall group's performance was attributable to contribution from its North Sabah asset, as this was the first full year that the Malaysian asset was under the group's operatorship. 

Furthermore, Hibiscus said there was higher overall production from the Anasuria Cluster in the UK. 

"For FY19, the group sold approximately 3.3 million barrels of crude oil across both assets with five offtakes from the Anasuria Cluster, and a further seven offtakes from North Sabah. This exceeds a previously-disclosed target of delivering 2.7-3.0 million barrels for FY19," Hibiscus said. 

"The group remains debt-free, with an unrestricted cash balance of RM206.7 million as at June 30, 2019," it added. 

Hibiscus managing director Dr Kenneth Pereira said both the North Sabah and the Anasuria Cluster are progressing through a capital expenditure programme to drill a total of nine wells in the 2019 calendar year — two wells in the UK and a further seven in Malaysia. 

He said the progress is consistent with its mission to enhance the group's net production rate to 20,000 barrels of oil per day by 2021. 

"Additionally, we have commenced the evaluation of options to develop the Marigold and Sunflower discovered oilfields in the UK, which hold significant potential to drive future earnings growth.

"We look forward to safely delivering all our projects and enhancing value for our shareholders," Pereira added.