UAE’s Dana Gas reports Dhs183m net profit in Q1 2023

UAE’s Dana Gas reports Dhs183m net profit in Q1 2023

Dana Gas has announced its financial results for the first quarter ended March 31, 2023. For the first quarter of 2023, the company generated a net profit of Dhs183m ($50m) as compared to Dhs198m ($54m) in Q1 2022, reported state news agency . Profitability for the quarter dropped 7 per cent compared to a 22 per cent decrease in the company’s realised prices during the period. The impact of lower realised prices on the company’s profitability was partially offset by a production increase in the KRI and reduced operating costs by 14 per cent. Revenue was 13 per cent lower at Dhs447m ($122m) in Q1 2023 compared to Dhs513m ($140m) in 2022. The decrease in revenue, and subsequently net profit, was primarily due to a pullback in energy prices from high levels. The company’s realised prices during the period averaged $59/bbl for condensate and $39/boe for LPG compared to $82/bbl and $43/boe respectively in Q1 2022. ’ shareholders in April approved the board’s recommendation for a final dividend payment of 4.5 fils per share for H2 2022. The payout of 4.5 fils per share for the second half of 2022, to be distributed on the May 25, will take the