Dana Gas announces net profit of AED667 million for FY 2022

Dana Gas announces net profit of AED667 million for FY 2022

SHARJAH, 8th February, 2023 (WAM) -- Dana Gas today announced its preliminary financial results for the year 2022. The company reported an increase in revenues by 17 percent to AED1.94 billion (US$529 million) in 2022 compared to AED1.66 billion (US$452 million) in 2021.

The increase in revenues is due to higher realised prices and production output in the Kurdistan Region of Iraq (KRI). Production in the KRI and Egypt remained uninterrupted throughout the year.

Excluding other income and impairments, Dana Gas reported an adjusted net profit of AED718 million (US$196 million) as compared to AED469 million (US$128 million) in 2021, an increase of 53 percent. The strong year-on-year profits were sustained by high energy prices and prudent cost control.

The company also reported a net profit of AED667 million (US$182 million) in 2022 as compared to AED1.16 billion (US$317 million) in 2021.

Operational costs decreased by five percent to AED209 million (US$57 million) in 2022 compared to AED220 million (US$60 million) in 2021.

In 2022, production in the KRI increased by one percent to 34,300 barrels of oil equivalent per day (boepd). Following the successful completion of further plant de-bottlenecking enhancements at the Khor Mor facility in the KRI in the second half of the