Last 1.14 MYR
Change Today -0.01 / -0.87%
Volume 616.8K
As of 4:44 AM 10/21/14 All times are local (Market data is delayed by at least 15 minutes).

hibiscus petroleum bhd (HIBI) Snapshot

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12/13/13 - 2.74
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10/16/14 - 0.95
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hibiscus petroleum bhd (HIBI) Details

Hibiscus Petroleum Berhad, an investment holding company, explores, develops, and produces oil and gas. The company operates through Investment Holding; Lime; 3D Oil, VIC/L31 & VIC/P57; and HIREX segments. It is focusing on the development of small and medium-sized oil and gas fields in the Middle East, Norway, South Asia, East Asia, and Oceania regions. The company, through its interests in Lime Petroleum Plc, has 4 concessions, including RAK North Offshore, RAK South Onshore, and Sharjah Offshore concessions in the United Arab Emirates, as well as Block 50 in Oman; and 14 concessions in Norway. It also holds interests in VIC/P57 and VIC/L31 concessions located in the West Seahorse field in Australia. In addition, the company provides project management, technical, and other services relating to the oil and gas exploration and production industry. Hibiscus Petroleum Berhad was incorporated in 2007 and is headquartered in Kuala Lumpur, Malaysia.

Founded in 2007

hibiscus petroleum bhd (HIBI) Top Compensated Officers

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hibiscus petroleum bhd (HIBI) Key Developments

Hibiscus Petroleum Berhad Appoints Sara Murtadha Jaffar Sulaiman as Independent & Non Executive Director

Hibiscus Petroleum Berhad announced the appointment of Sara Murtadha Jaffar Sulaiman as Independent & Non Executive Director, effective August 27, 2014. Sara is currently an Investment Manager at Arle Capital Partners which she joined in 2011. Sara started her career in Petroleum Development Oman and Shell in the UK.

Hibiscus Petroleum Berhad Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Hibiscus Petroleum Berhad reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of MYR 2,508,000 against MYR 3,520,000 a year ago. Loss before taxation was MYR 9,792,000 against MYR 10,133,000 a year ago. Loss after taxation was MYR 8,810,000 against MYR 9,843,000 a year ago. Loss after taxation attributable to owners of the company was MYR 8,810,000 or 1.61 sen per basic and diluted share against MYR 9,843,000 or 2.22 sen per basic and diluted share a year ago. The slightly lower loss before taxation in the current quarter is due to the lower unrealized loss on foreign exchange of MYR 6.3 million and lower finance costs of MYR 1.0 million in the current quarter. For the six months, the company reported revenue of MYR 8,488,000 against MYR 5,833,000 a year ago. The increase in revenue in the current period is largely due to the increased project management activities relating to the 2-well drilling programme in Block 50 Oman which commenced in November 2013 and continued to March 2014, as well as business development, technical and financial services provided to HIREX. Loss before taxation was MYR 9,938,000 against MYR 7,458,000 a year ago. Loss after taxation was MYR 8,966,000 against MYR 7,482,000 a year ago. Loss after taxation attributable to owners of the company was MYR 8,966,000 or 1.68 sen per basic and diluted share against MYR 7,482,000 or 1.69 sen per basic and diluted share a year ago. Net cash used in operating activities was MYR 22,214,000. Purchase of equipment was MYR 4,979,000. Acquisition of intangible assets was MYR 3,438,000. The higher loss before taxation in the current period is mainly due to the group's recognition of negative goodwill arising from subscription of shares in 3D Oil (MYR 7.4 million) and gain on dilution of interest in HIREX from 100% to 48.24% (MYR 1.1 million) in the corresponding period.

Hibiscus Seeks Finance

Hibiscus Petroleum Berhad (KLSE:HIBISCS) has appointed UBS AG (SWX:UBSN) and Maybank Investment Bank Berhad to evaluate fund raising options and for strategic plans as it embarks on its next phase of growth and to meet its future development and expansion plans. Kenneth Pereira, Managing Director of Hibiscus said, "We are confident that these appointments will enable Hibiscus Petroleum to achieve its objective of becoming a respected regional independent oil and gas company. We hope this will be the start of a fruitful and meaningful long-term relationship.”


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Valuation HIBI Industry Range
Price/Earnings 63.4x
Price/Sales 30.0x
Price/Book 1.7x
Price/Cash Flow 67.9x
TEV/Sales 46.4x

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