Hibiscus Petroleum Bhd. · MYX:HIBISCS
Hibiscus Petroleum Bhd — Q1 FY2024 Earnings Presentation
21 slides from Hibiscus Petroleum Bhd's earnings presentation, Nov 22, 2023
Slide 1: Quarterly Results
Quarterly Results Highlights of the Quarterly Results for the financial quarter ended 30 September 2023 (First financial quarter of the financial year ending 30 June 2024) Briefing for Analysts and Fund Managers 22 November 2023 EXECUTE – ENHANCE – EXCEL
Slide 2: Disclaimer
Disclaimer The purpose of this presentation is to provide general information about Hibiscus Petroleum Berhad (the “Company”) to assist potential investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information that a prospective i
Slide 3: Content
Content Part 1: Key Messages Part 2: Operational and Financial Updates • Operational Highlights • Strong and Consistent EBITDA Margins • Q1 FY2024 Operating Segment Financials • Q1 FY2024 Group Financials (vs. Previous Quarter) • Key Factors Affecting Kinabalu and Others’ Q1 FY2024 Financial Results
Slide 4: Key Messages
ef ee Petroleum Key Messages
Slide 5: Key Messages
Key Messages Delivering strong and sustainable EBITDA levels as long-term business continuity is of the highest priority • Strong oil, condensate, and gas price levels have contributed positively to our profitability levels • In the current quarter, we delivered EBITDA of RM393.0 million and a PAT o
Slide 6: Operational & Financial Updates
Operational & Financial Updates • Q1 FY2024 Operational Highlights • Strong and Consistent EBITDA Margins • Q1 FY2024 Operating Segment Financials • Q1 FY2024 Group Financials (vs. Previous Quarter) • Key Factors Affecting Kinabalu and Others’ Q1 FY2024 Financial Results • Key Factors Affecting PM3
Slide 7: Q1 FY2024 Operational Highlights
Q1 FY2024 Operational Highlights Peninsula North Sabah Anasuria Cluster Total or Average Hibiscus Group1 Average uptime % 83 89 78 - Average gross oil & condensate production bbl/day 12,774 5,906 24,801 43,481 Average net oil & condensate production bbl/day 4,611 1,970 5,755 12,336 Average gross gas
Slide 8: Strong and Consistent EBITDA Margins
Strong and Consistent EBITDA Margins Flexibility to Navigate Industry Downturns • Operational control grants the ability to concentrate on operating efficiencies (cost control, production enhancement) when oil prices are low and shift to development mode when oil prices are high. • High quality oper
Slide 9: Q1 FY2024 Operating Segment Financials
Q1 FY2024 Operating Segment Financials (I) Group P&L by segment Malaysia – Kinabalu Subtotal Malaysia Total and others United RM’000 CAA Vietnam (PHSB – North Others (1) (HPB Kingdom Kinabalu Others Group) Sabah Group) • Peninsula Hibiscus Group Revenue 137,260 2,649 256,561 - 396,470 246,411 98,356
Slide 10: Q1 FY2024 Group Financials (vs. Previous Quarter)
Q1 FY2024 Group Financials (vs. Previous Quarter) RM’000 Q1 FY2024 Q4 FY2023 Revenue 746,624 503,600 Gross Profit 472,642 326,666 Gross Profit Margin 63.3% 64.9% EBITDA 392,971 326,481 EBITDA Margin 52.6% 64.8% PBT 259,170 167,823 PBT Margin 34.7% 33.3% Tax (104,872) (44,547) PAT 154,298 123,276 PAT
Slide 11: Key Factors Affecting Kinabalu’s Q1 FY2024 Financial Results
Key Factors Affecting Kinabalu’s Q1 FY2024 Financial Results Kinabalu: Q1 FY2024 Q4 FY2023 • Higher revenue in Q1 FY2024 by 83% due to much higher average realised oil Profit or Loss Summary price attained coupled with higher volume of crude oil sold: RM’000 RM’000 ▪ Q1 FY2024: 287,701 bbls @ USD103
Slide 12: Key Factors Affecting PM3 CAA’s Q1 FY2024 Financial Results
Key Factors Affecting PM3 CAA’s Q1 FY2024 Financial Results Q1 FY2024 Q4 FY2023 • Higher revenue in Q1 FY2024 mainly due to higher volume of crude oil sold (by Profit or Loss Summary 88,267 bbls) at a higher average realised oil price attained (by USD5.60). RM’000 RM’000 ▪ Crude oil: Q1 FY2024 – RM1
Slide 13: Key Factors Affecting North Sabah’s Q1 FY2024 Financial Results
Key Factors Affecting North Sabah’s Q1 FY2024 Financial Results • Q1 FY2024’s revenue almost doubled 4Q FY2023’s revenue due to much higher Q1 FY2024 Q4 FY2023 volume of crude oil sold at a higher average realised oil price: Profit or Loss Summary RM’000 RM’000 ▪ Q1 FY2024: 549,134 bbls @ USD97.03 p
Slide 14: Key Factors Affecting United Kingdom’s Q1 FY2024 Financial Results
Key Factors Affecting United Kingdom’s Q1 FY2024 Financial Results • Higher revenue in Q1 FY2024 mainly due to higher average realised oil price Q1 FY2024 Q4 FY2023 Profit or Loss Summary achieved by USD22.51 per bbl (30%). RM’000 RM’000 ▪ Crude oil: Q1 FY2024 – RM92.8 million (203,194 bbls @ USD97.
Slide 15: United Kingdom (cont’d)
United Kingdom (cont’d) Q1 FY2024 (RM’000) Q4 FY2023 (RM’000) Ring fenced Non-ring Ring fenced Taxation RFCT and SC EPL fenced Total RFCT and SC EPL Total Income tax - - (1,457) (1,457) (197) - (197) Deferred tax (14,436) 5,278 - (9,158) (121) 4,995 4,874 - Deferred tax liabilities (10,861) (1,112)
Slide 16: Highlights from the Group’s Balance Sheet
Highlights from the Group’s Balance Sheet As at As at As at As at As at RM 30 Sep 2023 30 June 2023 31 Mar 2022 31 Dec 2022 30 Sep 2022 Total assets 6,474.0m 6,198.5m 5,489.2m 5,592.1m 5,690.8m Shareholders’ funds 2,852.1m 2,689.8m 2,443.4m 2,385.3m 2,448.1m Cash and bank balances 1,202.9m 1,178.7m
Slide 17: Offtake Schedule
Offtake Schedule • Oil & Condensate Offtake Schedule and Gas Sales Part 3 17
Slide 18: Oil & Condensate Offtake Schedule and Gas Sales
Oil & Condensate Offtake Schedule and Gas Sales Total oil, condensate and gas sales volume (boe) Latest Estimate – Q2 FY2024 Latest Estimate – Q3 FY2024 Actual – Q1 FY2024 Oct 2023@ Nov 2023 Dec 2023 Total Jan 2024 Feb 2024 Mar 2024 Total Oil & Cond. 364,900 104,000 118,000 100,000 322,000 179,000 8
Slide 19: Key Messages
Key Messages Delivering strong and sustainable EBITDA levels as long-term business continuity is of the highest priority • Strong oil, condensate, and gas price levels have contributed positively to our profitability levels • In the current quarter, we delivered EBITDA of RM393.0 million and a PAT o
Slide 20: Thank You
Thank You For more information please contact: Investor Relations Team faq@hibiscuspetroleum.com 20 20
Slide 21: Q1 FY2024 Profit or Loss (By Segment)
Q1 FY2024 Profit or Loss (By Segment) Malaysia – Kinabalu and others Subtotal Malaysia – United Total RM’000 CAA Vietnam Others1 (PHSB Group) North Sabah Kingdom (HPB Group) Kinabalu Others Revenue 137,260 2,649 256,561 - 396,470 246,411 98,356 5,387 746,624 Cost of Sales (49,025) (626) (96,166) - (
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