Dana Gas reports 53% rise in adjusted net profit for 2022

Dana Gas reports 53% rise in adjusted net profit for 2022

Middle East’s private natural gas company, Dana Gas, reported an adjusted net profit of Dhs718m ($196m) for the full year of 2022, on the back of high energy prices. Excluding other income and impairments, the group’s adjusted net profit last year grew 53 per cent from Dhs469m ($128m) earned in 2021, the company said in its preliminary financial results. Revenue rose 17 per cent to reach Dhs1.94bn ($529m) in 2022, compared to Dhs1.66bn ($452m) in 2021, due to higher realised prices and production output in the Kurdistan region of Iraq. Production in the KRI and Egypt remained uninterrupted throughout the year, Dana Gas said in a statement on Wednesday. In 2022, production in the KRI increased by 1 per cent to 34,300 barrels of oil equivalent per day (boepd), from 33,800 in 2021. “Our strong results for the year are a testament to our ability to control costs and maintain production levels amid a prolonged environment of high energy prices,” said Dr Patrick Allman-Ward, CEO of Dana Gas. “In 2022, we managed to optimise our assets in the KRI, reaching record levels of production and increasing capacity by a further 50 MMscf/d following the completion of a by-pass project.” “The