Newly Acquired North Sabah Asset Lifts Hibiscus Petroleum's FY2018 Profit After Tax by 92% to RM203.7 Million

  • 4Q2018 PAT of RM98.8M (+1,041% y-o-y) and EBITDA of RM177.2M (+261% y-o-y)
  • FY2018 Revenue of RM394.3 million – an increase of 51% *

  • FY2018 EBITDA of RM334.1 million – an increase of 114% *

  • FY2018 PAT of RM203.7 million – an increase of 92% *

  • Cash balance of RM122.1 million as at 30 June 2018; no debt* In comparison with financial year ended 30 June 2017 y-o-y: year on year

Kuala Lumpur, 29 August 2018 – 6.00 p.m.

Hibiscus Petroleum Berhad (HIBI:MK) (“Hibiscus Petroleum”, the “Company” or the “Group”) announced today that it recorded a tenth consecutive quarter of profitability for the fourth quarter ended 30 June2018 (“4Q2018”). Fair value gains from its newly acquired North Sabah asset also lifted full year (“FY2018”) Group profit after tax (“PAT”) by 92% to RM203.7 million (FY2017: RM106.1 million) andearnings before interest, taxes, depreciation and amortisation (“EBITDA”) by 114% to RM334.1 million(FY2017: RM156.5 million), respectively.

Commenting on the results, Hibiscus Petroleum's Managing Director, Dr Kenneth Pereira, said, “We are pleased to have completed and begun recognising the financial performance of our 50% interest in the North Sabah asset. Thus, we now have two assets which are delivering positive cash flows amidst a backdrop of strengthening oil prices.

Having completed the North Sabah transaction as planned, our focus will be on integration of the North Sabah operations into existing work processes and performance-based operating culture with a view to lowering average unit production costs over the medium term. We intend to ramp up planned maintenance activities over the next two quarters and commence development projects in 2019.

At the Anasuria Cluster we have identified several drilling opportunities for 2019 and 2020 and will continue to pursue enhanced uptime and production rates as part of our strategy to achieve average production of 5,000 barrels per day by FY2020 compared to approximately 3,000 barrels of oil equivalent per day in FY2018. As announced on 23 August 2018, the proven and probable (2P) oil reserves base of our Anasuria asset have been materially upgraded by an independent expert, demonstrating our efforts to add long-term value.

Our FY2018 performance provides a strong foundation to further enhance stakeholder value in FY2019 and beyond.”

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