Commodities
Hibiscus Petroleum Sees Tripling of Net Profit in FY2026
Hibiscus Petroleum Bhd's fourth-quarter net profit more than doubled to RM190.72 million, despite oil price fluctuations.
The company attributed this significant increase to stronger realised oil and gas prices under its PM3 commercial arrangement area (PM3 CAA) production-sharing contract (PSC), as well as a solid operating performance across its Malaysian assets.
Hibiscus' 35% interest in the PM3 CAA PSC contributed RM264.3 million to group revenue, with average realised prices rising to US$133.35 per barrel for crude oil and US$7.48 per thousand standard cubic feet (Mscf) for gas.
The company's FY2026 net profit more than tripled to RM361.27 million, while revenue remained broadly unchanged at RM2.34 billion.