Hibiscus Petroleum's EBITDA Exceeds RM 1 Bln For Three Consecutive Years - Chairman

KOTA BHARU, April 10 (Bernama) -- Hibiscus Petroleum Bhd recorded revenue of RM2.7 billion last year, with earnings before interest, tax, depreciation and amortisation (EBITDA) exceeding RM1 billion for the third consecutive year.

Chairman Zainul Rahim Mohd Zain said the company also recorded an average net daily production of more than 20,912 barrels of oil equivalent per day (boe/day) in the year.

He said that apart from this achievement, Hibiscus also managed to acquire several important assets including from TotalEnergies Brunei which increased its gas production capacity.

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“We have also secured the first production sharing contract (PSC) directly from Petronas for the PKNB Cluster, which opens up significant opportunities for future growth.

“We have also signed a PSC extension agreement for PM3CAA for 20 more years. This extension of the contract allows for the maintenance of production from existing fields, the development of new fields that have been discovered as well as further exploration activities in the Malaysia-Vietnam commercial area,” he told reporters at Hibiscus Petroleum’s Hari Raya Aidilfitri celebration event here today.

He said the company also received two Gold Awards from Hiliran Malaysia last year for excellence in project implementation and well development.

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“This recognition reflects the dedication and commitment of all employees. This success would not have been achieved without hard work from all parties,” he said.

Zainul Rahim said more than 40,000 individuals benefitted from various initiatives implemented by the company throughout the past year, including in the sector of health, education and environmental conservation.

“In Kelantan, we are collaborating with Universiti Malaysia Kelantan (UMK) to sponsor 22 cracker entrepreneurs in Tok Bali.

“They are taking various courses and receiving equipment assistance such as cracker rounding machines, cutting machines and sealers to strengthen their respective businesses,” he said.

According to him, through the wakalah programme, Hibiscus has also had a positive impact on more than 8,000 beneficiaries with various assistance to improve their standard of living.

In another development, he stressed that safety aspects remain the company's priority in every operation carried out, whether involving employees or contractors.

“All employees and contractors must always prioritise their own safety and the safety of others, whether at work or at home. If this safety culture is not practised, success will be difficult to achieve,” he said.

-- BERNAMA