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hello bai!!!! Pls give particular attention to small details. Hibiscs recorded an increase in revenue as much as 1.75 times q-o-q. Previous net profit q-o-q was higher than this quarter bcos of -ve goodwill from business combination with total amount MYR300mil++. After deduction of 300mil from last year quarterly result, Hibiscs performed much better last quarter by making 2x as much as last year quarter.
Hibiscs just short 200milMYR to break 2bil mark revenue..
bai.. CFA mmg compare q-o-q but for this quarter there is an exception.. Due Hibiscs received extra income in same quarter last year which not from production activities...
Lim, true. Primarily bcos Western sanctions on Russia. EU, UK, JPN & South Korea stops buying russian crude oil/gas. These countries need to find substitute for Russia oil/gas. Hibiscs sells crude oil and gas at higher rate in UK. And their Uptime / utilisation rate hit as high as 95%.
2 Hibiscs trades in US currency. While their income statement declared to KLSE is in MYR. MYR hit as high as 4.5MYR for 1USD at one time and we are now trading 4.6MYR.
Everything looks good.
Hibiscs sells their crude oil to Wholesaler or Oil trader e.g. Trafigura PTE LTD or Vitoils. Their trading currency is in USD. We don't know which refineries or petrochemical plants Trafigura sells Hibiscs crude oil to. There is no threat of dedollarization.
there is one small problem when we use other currencies in our trading.. just make sure we can purchase using our traded currencies e.g. your company sells in Yuan and then use Yuan to pay labour costs and consumables..
what happens if you sell in Rupee? can you pay your OpEx in Rupee? All labour cost in oil&gas are in USD especially in Malaysia, Brunei and Singapore. Be advised.
there is another reason why your company sells petroleum product to Myanmar in Yuan. Myanmar is under US / UK sanctions. There a several state banks are under US sanction. I think this is the reason why your company trade with Myanmar in Yuan.
