Hibiscus Petroleum : Quarterly report for the financial period ended 30 June 2023

HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

Unaudited Quarterly Financial Report

30 June 2023

(Fourth financial quarter of financial year ended 30 June 2023)

(Note: This Unaudited Quarterly Financial Report is supplemented by the Corporate and Business Update released on the same day, on 23 August 2023.)

HIBISCUS PETROLEUM BERHAD

(Registration Number: 200701040290 (798322-P))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE QUARTER ENDED 30 JUNE 2023

(Fourth financial quarter of financial year ended 30 June 2023)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

		INDIVIDUAL QUARTER	CUMULATIVE QUARTER
		QUARTER	QUARTER	YEAR	YEAR
		ENDED	ENDED	ENDED	ENDED
		30.06.2023	30.06.2022	30.06.2023	30.06.2022
	Note	RM'000	RM'000	RM'000	RM'000
Revenue		503,600	868,367	2,344,830	1,696,521
Cost of sales		(176,934)	(262,861)	(817,463)	(479,630)
GROSS PROFIT		326,666	605,506	1,527,367	1,216,891
Other income	26	17,492	7,240	37,087	8,893
Administrative expenses		(48,227)	(165,732)	(294,961)	(397,521)
Impairment of intangible assets		-	(2,036)	-	(46,942)
Supplemental payments		(29,774)	(129,918)	(196,525)	(214,737)
Other administrative expenses		(18,453)	(33,778)	(98,436)	(135,842)
Other expenses		(106,280)	(175,206)	(481,434)	(342,729)
Finance costs		(23,501)	(24,094)	(77,255)	(61,007)
Share of results of an associate		1,673	(119)	1,282	(415)
Negative goodwill from
business combination		-	-	-	317,319
PROFIT BEFORE TAXATION	27	167,823	247,595	712,086	741,431
Taxation	28	(44,547)	7,795	(311,568)	(88,490)
PROFIT AFTER TAXATION		123,276	255,390	400,518	652,941
PROFIT AFTER TAXATION
ATTRIBUTABLE TO:
- Owners of the Company		123,276	255,390	400,518	652,941
EARNINGS PER SHARE (SEN)
Basic	25	6.13	12.69	19.90	32.51
Diluted	25	6.13	12.69	19.90	32.45

Note:

Earnings Before Interest,
Taxes, Depreciation
and Amortisation	326,481	384,393	1,269,696	1,082,665

(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 2022 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 30 JUNE 2023

(Fourth financial quarter of financial year ended 30 June 2023)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	QUARTER	QUARTER	YEAR	YEAR
	ENDED	ENDED	ENDED	ENDED
	30.06.2023	30.06.2022	30.06.2023	30.06.2022
	RM'000	RM'000	RM'000	RM'000
PROFIT AFTER TAXATION	123,276	255,390	400,518	652,941
Other comprehensive income:
Item that may be subsequently reclassified
to profit or loss:
- Foreign currency translation*	138,169	92,541	137,534	109,477
TOTAL COMPREHENSIVE INCOME FOR
THE QUARTER/YEAR	261,445	347,931	538,052	762,418
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
- Owners of the Company	261,445	347,931	538,052	762,418

• 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 2022 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 30 JUNE 2023

(Fourth financial quarter of financial year ended 30 June 2023)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		UNAUDITED	AUDITED
		AS AT	AS AT
		30.06.2023	30.06.2022
	Note	RM'000	RM'000
ASSETS
NON-CURRENT ASSETS
Intangible assets		1,452,069	1,422,576
Equipment		2,024,457	1,838,981
Right-of-use assets		158,106	175,245
Other receivables		178,802	230,541
Investment in an associate		4,902	4,088
Restricted cash and bank balances		219,012	158,456
Tax recoverable		53,425	50,406
Deferred tax assets		16,811	88,513
		4,107,584	3,968,806
CURRENT ASSETS
Intangible assets		8,854	-
Inventories		198,628	163,900
Trade receivables		411,381	404,730
Other receivables, deposits and prepayments		532,370	415,850
Amount owing by a joint venture		339	328
Amount owing by an associate		-	10
Cash and bank balances		959,659	549,386
Tax recoverable		18,504	9,408
		2,129,735	1,543,612
TOTAL ASSETS		6,237,319	5,512,418
EQUITY AND LIABILITIES
EQUITY
Share capital	10	166,014	966,014
Other reserves		308,930	171,396
Retained earnings		2,214,815	1,064,607
		2,689,759	2,202,017
NON-CURRENT LIABILITIES
Other payables		4,303	9,340
Borrowings	29	647,742	364,009
Contingent consideration		43,372	35,372
Deferred tax liabilities		792,973	581,189
Provision for decommissioning costs		617,125	621,611
		2,105,515	1,611,521

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 2022 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 30 JUNE 2023

(Fourth financial quarter of financial year ended 30 June 2023)

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

		UNAUDITED	AUDITED
		AS AT	AS AT
		30.06.2023	30.06.2022
	Note	RM'000	RM'000
CURRENT LIABILITIES
Trade payables		38,299	8,458
Other payables and accruals		902,083	1,040,443
Borrowings	29	214,752	193,750
Amount owing to a joint venture		319	319
Contingent consideration		7,574	28,552
Provision for decommissioning costs		56,291	90,720
Provision for taxation		222,508	336,419
Redeemable Convertible Preference Shares		219	219
		1,442,045	1,698,880
TOTAL LIABILITIES		3,547,560	3,310,401
TOTAL EQUITY AND LIABILITIES		6,237,319	5,512,418
NET ASSETS PER SHARE (RM)		1.34	1.09

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 2022 and the accompanying explanatory notes attached to the financial statements.

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