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$HIBISCS (5199.MY)$ (Kuala Lumpur, 19th) oil & gasPrice decreases, strengthening of the Malaysian Ringgit, coupled with reduced production, have dragged down.Da Hong Hua Petroleum.(HIBISCS,5199, Main Board Energy Segment) As of the first quarter ending on September 30, 2024, the net profit plummeted by 51.00% to 75.6 million3000 ringgit, compared to 0.1 billion54.29 million8000 ringgit in the previous period.
The first quarter revenue also dropped by 36.06% to 0.4 billion77.39 million5000 ringgit, compared to a total of 0.7 billion46.62 million4000 ringgit in the previous period.
The company's board of directors has proposed a dividend of 2 sen per share, with the ex-dividend and entitlement dates set on December 26 and December 27, respectively, with payment scheduled on January 22, 2025.
Dagang NeXchange issued a statement indicating a decrease in first-quarter revenue, attributed to the sale of oil, condensate, and natural gas amounting to a total of 1.67 million barrels of oil equivalent, a decrease of 17.9% from the 2.03 million barrels of oil equivalent sold a year ago. The average selling price also dropped from $96.94 per barrel in the same period last year to $83.55 per barrel.
During this quarter, no crude oil was sold from its asset in Kota Kinabalu, while both the volume and selling price of crude oil from assets in Peninsular Malaysia, North Sabah, and the United Kingdom decreased.
In terms of production, due to scheduled shutdowns at four assets, the group's first-quarter production of crude oil, condensate, and natural gas products amounted to 0.01 million6707 barrels of oil equivalent, a 16.9% decrease from 0.02 million117 barrels in the first quarter of the 2024 fiscal year.
However, production has since normalized, reaching an average of 0.02 million7300 barrels per day in October.
The group stated that the first-quarter performance is expected to be the most challenging quarter of the 2025 fiscal year, influenced by the strengthening of the Malaysian Ringgit.
Looking ahead, the group indicates that from a production perspective, it is expected to sell 260 barrels and 2.5 million barrels of oil in the second and third quarters of the 2025 fiscal year, as well as a total sale of 8.6 million-8.9 million barrels of oil in the 2025 fiscal year.
The first quarter revenue also dropped by 36.06% to 0.4 billion77.39 million5000 ringgit, compared to a total of 0.7 billion46.62 million4000 ringgit in the previous period.
The company's board of directors has proposed a dividend of 2 sen per share, with the ex-dividend and entitlement dates set on December 26 and December 27, respectively, with payment scheduled on January 22, 2025.
Dagang NeXchange issued a statement indicating a decrease in first-quarter revenue, attributed to the sale of oil, condensate, and natural gas amounting to a total of 1.67 million barrels of oil equivalent, a decrease of 17.9% from the 2.03 million barrels of oil equivalent sold a year ago. The average selling price also dropped from $96.94 per barrel in the same period last year to $83.55 per barrel.
During this quarter, no crude oil was sold from its asset in Kota Kinabalu, while both the volume and selling price of crude oil from assets in Peninsular Malaysia, North Sabah, and the United Kingdom decreased.
In terms of production, due to scheduled shutdowns at four assets, the group's first-quarter production of crude oil, condensate, and natural gas products amounted to 0.01 million6707 barrels of oil equivalent, a 16.9% decrease from 0.02 million117 barrels in the first quarter of the 2024 fiscal year.
However, production has since normalized, reaching an average of 0.02 million7300 barrels per day in October.
The group stated that the first-quarter performance is expected to be the most challenging quarter of the 2025 fiscal year, influenced by the strengthening of the Malaysian Ringgit.
Looking ahead, the group indicates that from a production perspective, it is expected to sell 260 barrels and 2.5 million barrels of oil in the second and third quarters of the 2025 fiscal year, as well as a total sale of 8.6 million-8.9 million barrels of oil in the 2025 fiscal year.
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