PETALING JAYA: Hibiscus Petroleum Bhd’s net profit for the first quarter ended Sept 30 quadrupled to RM41. 52mil from RM10. 03mil a year earlier, thanks to the spike in global crude oil prices.In a filing with Bursa Malaysia yesterday, the group said its revenue for the quarter surged 70% to RM246. 69mil compared with RM145. 49mil previously. Hibiscus said that in the first quarter, it sold 757, 062 barrels oil.... It expects to deliver about 2.5 to 2.7 million barrels of oil in the financial y

KUALA LUMPUR: Hibiscus Petroleum Bhd recorded a higher net profit of RM154.29 million in the first quarter ended Sept 30, 2023 for the financial year ending June 30, 2024( 1Q FY2024), from RM135.26 million in the corresponding quarter of FY2023.In a filing with Bursa Malaysia today, the oil and gas exploration and production company said revenue also improved by 23 per cent to RM746.62 million versus RM604.76 million.A total of 1.4 million barrels( MMbbl) of oil and condensate and 0.6 million ba

KUALA LUMPUR: Dagang Nexchange Bhd( DNeX) made a net profit of RM116mil in the three-month ended June 30, as higher oil prices boosted the value of energy reserves held by its subsidiaries. The company.... which recently changed its financial year to end of June, said its prospect for current year ending June 30, will be driven by investments in chipmaker SilTerra Malaysia Sdn Bhd and oil and gas exploration company Ping Petroleum Ltd." The consolidation of both companies’ financial performance

KUALA LUMPUR: Despite tracking the surge in crude oil prices over recent months, Hibiscus Petroleum Bhd remains a bargain with strong growth prospects in the coming quarters, says Hong Leong Investment Bank( HLIB) research. The research firm, which has initiated coverage on the company, said Hibiscus is" conspicuously undervalued" given its strong foothold in the upstream energy space.It expects an earnings boost from the acquisition of Fortuna International Petroleum Corp( FIPC) from Repsol Exp

KUALA LUMPUR: Dagang Nexchange Bhd( DNeX) has completed the acquisition of an additional 60% stake in Ping Petroleum Ltd, raising its holdings to 90%. This makes Ping, an upstream oil and gas( OG) company, a subsidiary of DNeX Energy Sdn Bhd, a wholly owned subsidiary of DNeX.“ With the completion of this exercise, DNeX will consolidate Ping’s financial performance into the group’s earnings from July 2021 onwards.“ Since DNeX’s acquisition of a 30% stake in Ping in 2016, Ping has consistently de

PETALING JAYA: Rising crude oil prices would translate to higher earnings for exploration and production company Hibiscus Petroleum Bhd, which is in the midst of acquiring upstream assets worth hundreds of million ringgit.... PublicInvest Research estimates that Hibiscus’ earnings could grow more than 100% year-on-year in the coming quarters, thanks to the favourable crude oil prices, coupled with the expected earnings from “ Repsol assets ” from the first half of financial year 2022( FY22) onw

PETALING JAYA: Integrated oil and gas( OG) companies that recently reported a mixed set of results for the financial year 2021( FY21) will likely benefit from a potential increase in Petroliam Nasional Bhd’s( Petronas) capital expenditure( capex) spending this year. Analysts generally maintained an “ overweight ” call on the OG sector and projected that Petronas could boost its capex to RM40bil to RM50bil in FY22 from RM30. 5bil in FY21 to take advantage of the soaring crude oil price, which ros

KUALA LUMPUR: Moody's Investors Service has assigned a provisional( P) B1 corporate family rating( CFR) to Hibiscus Petroleum Bhd, which is the first time by ratings agency.... The outlook is stable. The rating agency said on Monday it also assigned a provisional( P) B1 rating to the proposed US$-denominated senior secured bonds to be issued by its unit Hibiscus Capital Ltd. The proposed bonds are irrevocably and unconditionally guaranteed by Hibiscus and some of its subsidiaries, and are secur