Hibiscus Petroleum Berhad : Quarterly report for the financial period ended 31 March 2022

HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

Unaudited Quarterly Financial Report

31 March 2022

(Third financial quarter of financial year ending 30 June 2022)

(Note: This Unaudited Quarterly Financial Report is supplemented by the Corporate and Business Update released on the same day, on 25 May 2022.)

HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE QUARTER ENDED 31 MARCH 2022

(Third financial quarter of financial year ending 30 June 2022)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

		INDIVIDUAL QUARTER	CUMULATIVE QUARTER
		QUARTER	QUARTER	PERIOD	PERIOD
		ENDED	ENDED	ENDED	ENDED
		31.03.2022	31.03.2021	31.03.2022	31.03.2021
	Note	RM'000	RM'000	RM'000	RM'000
Revenue		297,060	215,984	828,154	551,762
Cost of sales		(35,197)	(66,110)	(216,769)	(222,524)
GROSS PROFIT		261,863	149,874	611,385	329,238
Other income	26	3,995	7,202	3,422	13,564
Administrative expenses		(147,574)	(30,916)	(231,789)	(81,779)
Other expenses		(88,556)	(48,945)	(169,292)	(138,486)
Finance costs		(16,552)	(12,149)	(36,913)	(31,930)
Share of results of an associate		(96)	(103)	(296)	(962)
Negative goodwill from
business combination		317,319	-	317,319	-
PROFIT BEFORE TAXATION	27	330,399	64,963	493,836	89,645
Taxation	28	(22,859)	(32,934)	(96,285)	(35,567)
PROFIT AFTER TAXATION		307,540	32,029	397,551	54,078
PROFIT AFTER TAXATION
ATTRIBUTABLE TO:
- Owners of the Company		307,540	32,029	397,551	54,078
EARNINGS PER SHARE (SEN)
Basic	25	15.32	1.76	19.81	3.23
Diluted	25	15.28	1.59	19.75	3.01

Note:

Earnings Before Interest,
Taxes, Depreciation
and Amortisation
("EBITDA")	434,728	122,417	698,272	250,882

(Please refer to Part A, Note 11 and Part B, Notes 15 and 16 of this Quarterly Report for further details.)

The Unaudited Condensed Consolidated Statements of Profit or Loss should be read in conjunction with the audited financial statements for the financial year ended 30 June 2021 and the accompanying explanatory notes attached to the financial statements.

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HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE QUARTER ENDED 31 MARCH 2022

(Third financial quarter of financial year ending 30 June 2022)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	QUARTER	QUARTER	PERIOD	PERIOD
	ENDED	ENDED	ENDED	ENDED
	31.03.2022	31.03.2021	31.03.2022	31.03.2021
	RM'000	RM'000	RM'000	RM'000
PROFIT AFTER TAXATION	307,540	32,029	397,551	54,078
Other comprehensive income/(expenses):
Item that may be subsequently reclassified
to profit or loss:
- Foreign currency translation *	11,283	34,315	16,936	(36,632)
TOTAL COMPREHENSIVE INCOME
FOR THE QUARTER/PERIOD	318,823	66,344	414,487	17,446
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
- Owners of the Company	318,823	66,344	414,487	17,446

• Arising from translation of Group entities' financial statements with different functional currencies recognised directly in reserves.

The Unaudited Condensed Consolidated Statements of Comprehensive Income should be read in conjunction with the audited financial statements for the financial year ended 30 June 2021 and the accompanying explanatory notes attached to the financial statements.

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HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE QUARTER ENDED 31 MARCH 2022

(Third financial quarter of financial year ending 30 June 2022)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		UNAUDITED	AUDITED
		AS AT	AS AT
		31.03.2022	30.06.2021
	Note	RM'000	RM'000
ASSETS
NON-CURRENT ASSETS
Intangible assets		1,334,238	1,375,808
Equipment		1,789,207	604,833
Right-of-use assets		174,522	12,407
Other receivables		2,995	5,458
Investment in an associate		4,350	4,381
Restricted cash and bank balances		159,872	125,581
Tax recoverable		48,090	-
		3,513,274	2,128,468
CURRENT ASSETS
Inventories		173,544	49,462
Trade receivables		194,200	112,905
Other receivables, deposits and prepayments		338,343	182,808
Other investment		-	136,430
Amount owing by a joint venture		320	318
Cash and bank balances		277,975	177,652
Tax recoverable		9,123	-
		993,505	659,575
TOTAL ASSETS		4,506,779	2,788,043
EQUITY AND LIABILITIES
EQUITY
Share capital	10	966,014	959,892
Other reserves		78,855	62,165
Retained earnings		829,341	451,865
		1,874,210	1,473,922
NON-CURRENT LIABILITIES
Other payables		6,838	9,545
Borrowings	29	138,535	11,230
Convertible Redeemable Preference Shares ("CRPS")
- Liability Component		-	5,677
Contingent consideration		37,469	19,683
Deferred tax liabilities		522,778	471,958
Provision for decommissioning costs		623,419	322,697
		1,329,039	840,790

The Unaudited Condensed Consolidated Statements of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 30 June 2021 and the accompanying explanatory notes attached to the financial statements.

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HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE QUARTER ENDED 31 MARCH 2022

(Third financial quarter of financial year ending 30 June 2022)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONT'D)

		UNAUDITED	AUDITED
		AS AT	AS AT
		31.03.2022	30.06.2021
	Note	RM'000	RM'000
CURRENT LIABILITIES
Trade payables		10,532	9,638
Other payables and accruals		787,288	293,072
Borrowings	29	44,483	15,540
Amount owing to a joint venture		318	318
Amount owing to an associate		5	119
Contingent consideration		10,400	25,251
Provision for decommissioning costs		82,973	58,677
Provision for taxation		367,312	70,497
Redeemable Convertible Preference Shares		219	219
		1,303,530	473,331
TOTAL LIABILITIES		2,632,569	1,314,121
TOTAL EQUITY AND LIABILITIES		4,506,779	2,788,043
NET ASSETS PER SHARE (RM)		0.93	0.74

The Unaudited Condensed Consolidated Statements of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 30 June 2021 and the accompanying explanatory notes attached to the financial statements.

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