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17 April 2024

Dana Gas profit rises 8% to Dh120m

By Staff Writer

Sharjah-based Dana Gas, the Middle East's largest private sector gas company, yesterday said its full-year net profit rose eight per cent to Dh120 million, while fourth-quarter profit fell 10 per cent year-on-year to Dh35m.

Revenues for the full year ended December 31 rose 10 per cent to Dh1.14 billion from Dh1.04bn in 2007, the Abu Dhabi Securities Exchange listed company said.

Dana Gas did not provide fourth-quarter figures. The figures were calculated based on Zawya.com data.

The company said its total assets reached Dh10.8bn at the end of 2008, while its cash and bank balance stood at Dh789m.

Earnings before interest, taxes, depreciation, and amortisation (Ebitda), reflecting cash flows from operations in 2008, increased by about 20 per cent during the year to reach Dh 575m.

Long-term assets grew by 13.4 per cent to Dh9.3bn, "all related to its core business and with no investments or exposure to financial or property markets".

Dana Gas said yesterday it expects Iranian gas to start flowing into the UAE this year. The company also expected its oil and gas output to surge by nearly 70 per cent this year and said it would continue to focus on the gas sector. "In 2009 we will continue to implement our strategies for growth and expansion, focusing on capturing new opportunities through both acquisition and new project development.

"This year will see the long awaited start up of the UAE Gas Project and fast track development of the Zora Gas Field in Sharjah," said Ahmed Al Arbeed, Dana Gas Upstream Executive Director.

Arbeed gave no timetable for the start of the Iranian natural gas supplies but according to the company statement, the UAE Gas Project to process and transport imported gas is now in its final stages of completion.

"The construction and interconnection of the Company's facilities in the UAE have long been successfully completed and are awaiting the commencement of gas supplies. The ultimate supplier of gas, NIOC, has completed the installation of all the main components of the required upstream facilities in Iran. Commissioning of these upstream facilities is currently in progress for the commencement of gas supplies upon completion."

The report follows statements by Iran last year that the National Iranian Oil Company (NOIC) and Crescent Petroleum of Sharjah have made progress in their negotiations to supply gas to the emirate.