Q4 2024 Hibiscus Petroleum Bhd Earnings Call Transcript
Key Points
- Hibiscus Petroleum Bhd (XKLS:5199) reported a 22.3% increase in quarterly revenue, reaching MYR738 million, and a 15.8% year-on-year increase, totaling MYR2.7 billion for fiscal year 2024.
- The company declared a fourth interim single-tier dividend of MYR1.57 per share, contributing to a total of MYR0.075 per share for the fiscal year.
- Hibiscus Petroleum Bhd achieved a significant milestone by selling 7.85 million barrels of oil equivalent for the full year, surpassing their guidance of 7.5 million to 7.8 million barrels.
- The company announced strategic acquisitions, including a 37.5% stake in Block B MLJ Field in Brunei and a PSC award for the PKNB Cluster in Malaysia, enhancing their asset portfolio.
- Hibiscus Petroleum Bhd maintains a strong financial position with a low debt-equity ratio of 0.12 times and a cash balance exceeding MYR200 million as of June 30, 2024.
- The average production decreased slightly quarter-on-quarter due to maintenance activities, with quarterly production at 20,144 barrels of oil equivalent per day.
- Unit operating expenses increased significantly due to planned maintenance activities, particularly in North Sabah and Peninsula Malaysia.
- The company took an impairment charge of MYR61 million in the Kinabalu PSC due to lower oil prices and operational challenges.
- Hibiscus Petroleum Bhd's UK asset, Anasuria, faced production challenges due to technical issues, resulting in higher unit operating costs.
- The effective interest rate appeared relatively high, with finance costs increasing to MYR106 million in FY24 from MYR77 million in FY23, despite lower total debt.
Good afternoon, everyone. This is Hibiscus Petroleum's fourth quarter 2024 begins (technical difficulty) Let me to introduce the team. To my left is Chee Seong, our VP of Strategic Ventures; to his left, Pascal Hos, the Country Head of Malaysia and Vietnam, CY, our CFO; and Deepak, Vice President of Economics and Business Planning. Our Managing Director, Ken; and Head of Corporate Finance, Joyce will be joining us later. So we'll dive right into the presentation. Pascal?
Good afternoon, actually. Good evening, everybody. Thank you for joining us today. We're going to be walking you to a quite exciting quarter, which helped us round off a very strong year. So I'll start off by giving you some of the highlights.
Start off with the financials. So we had revenue of MYR738 million for the quarter, which is a 22.3% increase quarter on quarter and close the year -- fiscal year 2024 with MYR2.7 billion, which is a 15.8% increment year on year.
In terms of EBITDA, and we generated
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