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29 March 2024

Dana Gas Q2 profit triples

Published
By Reuters

UAE energy firm Dana Gas more than tripled its second quarter net profit as higher oil prices and a 20 per cent rise in production at its Egypt and Iraqi operations boosted revenues, helping beating analysts forecasts.

Dana earned a net profit of Dh124 million ($33.7 million) for the quarter ending 30 June, compared with Dh33 million a year-ago, the company said in a statement on Wednesday.

Analysts forecast an average profit of Dh103.38 million in a Reuters poll earlier this month.

Revenues from sale of hydrocarbons increased to Dh627 million in the second quarter due to strong production growth coupled with higher market prices for oil, condensate and liquefied petroleum gas, Dana said in the statement.

"This excellent outcome is driven by the 20 per cent increase in production from Egypt and the Kurdistan Region of Iraq and consequent increase in revenues accompanied by our tight control of costs throughout the organization," Dana's Chief Executive Ahmed Al Arbeed said in the statement.

Dana said it received Dh130 million in revenues from Egypt and Dh80 million from Kurdistan. In early August, Dana said the firm had not received payment for gas delivered in Egypt.

The company is in discussions with the appropriate authorities to expedite payments of its overdue receivables in Egypt, and likewise in the Kurdistan Region of Iraq, the statement said.

Dana shares ended flat on the Abu Dhabi stock exchange on Wednesday.