KUALA LUMPUR: Hibiscus Petroleum Bhd returned to the black with a net profit of RM80.1 million in the third quarter ended March 31, 2026 (Q3’026), compared with a net loss of RM115.97 million recorded in the corresponding quarter last year.
Revenue, however, slipped to RM517.75 million from RM572.80 million, said the oil and gas exploration and production company in a Bursa Malaysia filing today.
The group declared a third interim single-tier dividend of 3 sen per share, bringing total dividend declared for the nine months FY2026 to 7 sen per share. The entitlement date is June 19 and payment is on July 17.
In line with higher oil prices, the group is targeting a total dividend of 10 sen per share for FY2026, which is a one-sen increase from FY2025. Since its maiden dividend in FY2021, the group has seen an increase in dividend payout every year.
Hibiscus Petroleum said the Q3 performance was underpinned by an average realised oil and condensate price of US$76.7 per barrel, which was a 12% increase quarter-on-quarter.
For the nine months ended March 31, 2026 (9M26), Hibiscus Petroleum’s net profit rose to RM170.55 million from RM42.89 million in the previous corresponding period, while revenue stood at RM1.49 billion against RM1.70 billion previously.
The group is seeing higher realised oil and gas prices in Q4 FY2026. Oil offtakes in April and May 2026 are expected to account for 65% of the total oil to be sold in that quarter, with realised oil prices of over US$120 per barrel, according to a separate filing.
It also noted that sales volume for Q3’26 was 2.3 million barrels of oil equivalent (MMboe) of oil, condensate, and gas, bringing the 9M FY2026 total sales to 6.7 MMboe.
In addition, Hibiscus Petroleum remained on track to achieve its FY2026 production guidance of 9.0 MMboe to 9.4 MMboe.