RH PetroGas (T13) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 9.8% YoY to US$43.1m and net profit increased 30.8% to US$9.8m; higher realised oil prices outweighed lower production volumes.

• Operating cash flow improved to US$19.0m from US$12.0m, while cash and bank balances were US$74.4m at period-end.

Financial highlights

• Revenue increased 9.8% YoY to US$43.128m; oil sales were US$35.367m and gas sales US$7.761m.

• Gross profit rose 32.0% to US$18.647m as cost of sales fell 2.7% to US$24.481m; gross margin was 43.2% versus 36.0% in H1 2025.

• Profit before tax increased 30.1% to US$17.329m; net profit rose 30.8% to US$9.759m, including US$7.830m attributable to owners.

• Other income declined 45.5% to US$0.982m, mainly because H1 2025 included a US$0.984m reversal of legal compensation.

• Income tax expense rose 29.3% to US$7.570m, including US$0.602m of deferred tax asset recognition for the Kepala Burung PSC.

Outlook and guidance

• Northwest Klagagi-1 testing is underway after drilling identified strong hydrocarbon shows and potential pay zones in the Upper and Lower Kais Formations; further updates are expected after testing.

• A 3D seismic acquisition project in the Kepala Burung PSC is planned for the remainder of 2026.

• Birawa-1 drilling in the Salawati PSC is deferred to 2027 pending a permit and completion of the rig upgrade, expected by end-Q1 2027; provisional regulatory approval for extending the work commitment was received.

• The Board will consider a dividend after reviewing FY 2026 results; no H1 interim dividend was declared or recommended.