Dana Gas reports record 9-month net profit of $279m

Dana Gas reports record 9-month net profit of $279m

Dana Gas, the Middle East's largest regional private sector natural gas company, today reported a record net profit of $279 million (AED1,025 million) for the nine months ended September 30, 2021, compared to a loss of $379 million (AED1,390 million) for the same period in 2020. 

 

The key drivers were higher oil prices, improved operational performance and other income. 9M 2021 profit included ‘Other Income’ of $608 million and a $78 million reversal of impairments related to Egypt assets, the company said.

 

Excluding the other income and impairments, the company reported profit from operations of $99 million versus $31 million for 9M 2020, an increase of 220% reflecting strong underlying operating performance on the back of higher oil prices.

 

Revenue for the first nine months of 2021 increased 27% to $334 million compared to $262 million in 9M 2020, supported by higher oil prices and higher production in Kurdistan Region of Iraq (KRI). 

 

In the light of the company’s solid financial performance in the year to date, the Board of Directors of Dana Gas has determined to pay dividend of 7 fils per year payable in six monthly instalments of 3.5 fils, thereby increasing Dana Gas’s annual dividend by 27% from the existing 5.5