rates.my
Sign in
An oil refinery complex lit up at night
Investing

Oil money pays out

Hengyuan Pays Its First Dividend Since 2022, Hibiscus Its Biggest Ever

RaymondRates.my4 min read

📊 Stocks in this story · tap for live chart & discussion

Two Bursa oil and gas companies filed results last Friday, just before the Merdeka long weekend. Hengyuan Refining, which runs the Port Dickson refinery, reported its June quarter and declared a 10 sen interim. Hibiscus Petroleum closed out its whole financial year and declared 2 sen — a fourth interim which, with a proposed 1 sen final still needing AGM approval, completes a record 10 sen for FY2026.

Hengyuan is making money again

Hengyuan Refining — 2Q FY2026 (quarter ended 30 June), reported 28 Aug 20262Q net profitRM600.54mvs a RM183.24m loss a year ago1H net profitRM1.13bvs a RM353.69m loss; best half in 10 years2Q revenueRM5.44b+55.69% on higher product pricesInterim dividend10 senpayable 28 Sep — first since FY2022December financial year, so June is its second quarter. Per The Edge Malaysia and The Star, 28 Aug 2026.
The quarter that unlocked a payout. Per The Edge Malaysia and The Star, 28 Aug 2026.
  • The refinery ran well. Hengyuan credits stable plant operations and disciplined risk management for the swing.
  • Cheaper debt helped too. Finance costs fell 46% to RM19.98m, and other operating gains reversed to RM38.87m.
  • Volumes actually fell. The revenue jump came from higher prices for its fuels, not more barrels sold.
An oil refinery complex lit up at night
Hengyuan's Port Dickson licence runs to 156,000 barrels a day. When the plant runs smoothly and fuel prices stay high, quarters like this happen. · Photo: Unsplash

A record year for Hibiscus

Hibiscus Petroleum — FY2026 (financial year ended 30 June), reported 28 Aug 2026FY2026 net profitRM361.27mmore than tripled from RM117.5m4Q net profitRM190.72m+155.6% year on yearFY2026 revenueRM2.34bbroadly flat vs RM2.33b in FY2025Barrels sold9.3 MMboea record; guidance was 9–9.4 MMboeDeclared now: 4th interim2 senpayable 22 OctProposed final1 senneeds AGM approval; completes a record 10 sen FY totalJune financial year, so this is a full-year close. Per The Edge Malaysia and NST, 28 Aug 2026.
Flat revenue, triple the profit. Higher realised prices late in the year did most of the work. Per The Edge Malaysia and NST, 28 Aug 2026.
  • PM3 carried the quarter. The Malaysia–Vietnam fields brought in RM264.3m at a realised US$133.35 a barrel.
  • North Sabah stayed the workhorse. Gross margin of 71.9% there, on realised crude of US$83.05.
  • A new plan, Hibiscus 3.0. Targets 70,000 boe a day by 2030, against 26,769 averaged last quarter.
A jack-up offshore oil platform standing in calm water
Hibiscus produces off Sabah, in the PM3 area between Malaysia and Vietnam, and in UK waters. · Photo: Unsplash

Why you can’t compare the two

One barrel, two different businesses — where each company earns its moneyUPSTREAMOil & gas fieldHibiscus (5199)Pumps crude and gas.Earns the barrel price,minus cost to produce.DOWNSTREAMRefineryHengyuan (4324)Buys crude, sells fuels.Earns the spread betweenthe two — not the barrel.YOUPump & marketPetrol, diesel, jet fuelRetail and industry buythe refined products.crudefuelsRoles only. This diagram carries no performance figures, and the two results are not scored against each other.
Where each company sits. A producer's profit follows the crude price; a refiner's follows the gap between crude and fuel prices.
  • Different year-ends. December for Hengyuan, so June was its second quarter. June for Hibiscus, so this was a full year.
  • Both rode the same oil spike. The July Middle East scare that whipsawed Brent lifted fuel prices and crude alike.

What to watch

  • 28 Sep 2026Hengyuan’s interim dividend is paid.
  • 22 Oct 2026Hibiscus’s fourth interim is paid. The final still needs AGM approval.
  • FY2027Hibiscus guides at least 10 sen if Brent averages US$75–80, and 11 sen above that.
  • By end NovHengyuan’s third-quarter filing will show whether the margins held. Track both names on the live Bursa heat list.
Not financial advice. Figures are from the companies’ 28 August 2026 Bursa filings as reported by The Edge Malaysia, The Star and NST, and from KLSE Screener’s quarterly tables. Closes are from the last completed session, Friday 28 August; Bursa was closed Monday for Merdeka. Rates.my holds no CMSA licence, issues no price targets or forecasts, and none of this is a recommendation to buy or sell either share.

Sources & further reading

Ready to act on this?

Track HENGYUAN and HIBISCS on the live Bursa heat list

Keep reading

InvestingGTA Holdings IPO Oversubscribed 22.16 Times Ahead of 8 September ACE Market DebutInvestingSRKK AI IPO Review: 312.3× Oversubscribed — Bursa's Hottest 2026 Debut, Still Up 78%InvestingMaybank Q2 2026 Results (RM2.69b, 31 Sen Dividend) and Sime Darby FY2026 Results (Core +32.6%, 14 Sen), Read Separately

💬 Market Chat

Join the discussion — share your take on this with other Rates.my readers.

💬 Discussion

Your rating:
(optional)
Loading discussion…

This article is general information, not personalised financial advice. Rates.my is not a licensed financial adviser — always verify rates with the institution and consider your own circumstances.

← All insights