RH PetroGas (T13) H1 2025 earnings summary

Executive summary

• 1H 2025 revenue fell 18.5% YoY to US$39.271m and net profit fell 18.9% to US$7.462m, reflecting lower realised oil prices, lower crude liftings and production outages.

• EBITDAX was US$13.230m versus US$18.603m in 1H 2024; a US$984k legal-compensation provision reversal lifted other income.

Financial highlights

• 1H revenue was US$39.271m (-18.5% YoY); cost of sales declined 12.0% to US$25.148m, while gross profit declined 28.0% to US$14.123m.

• Profit before tax declined 23.9% to US$13.316m; income tax expense fell 29.4% to US$5.854m; net profit was US$7.462m versus US$9.200m.

• Owners’ attributable profit was US$5.964m versus US$7.339m; basic and diluted EPS were both 0.71 cents, down from 0.88 cents.

• Q2 revenue declined 23.3% YoY to US$18.674m and net profit fell 28.3% to US$3.474m; gross profit was US$6.490m versus US$11.079m.

Outlook and guidance

• Two exploration wells are planned in the Kepala Burung PSC in 2H 2025; permitting and site preparation were well advanced, alongside continued well workovers and services.

• Remaining firm exploration work commitments were US$40.2m net to working interests at 30 June 2025; no dividend was proposed, with exploration commitments cited as the reason.

• The Salawati PSC five-year work-program period was extended 16 months to 22 August 2026; a 30-month Kepala Burung extension to 14 April 2028 was endorsed by SKK Migas and awaits ministerial approval.