Dana Gas more than doubles net profit to $54m in Q1

Dana Gas, the Middle East’s regional private sector natural gas company, has announced a 125% jump in net profit for Q1 2022, reaching AED 198M (USD 54M) or 2.8 fils per share as compared to AED 88M in Q1 2021, reflecting strong business performance. 

Revenue was AED 513M (USD 140M), 32% higher compared to AED389 million in Q1 2021. The increase in revenue and profit was the result of higher hydrocarbon prices and the company’s successful efforts to manage costs. The company’s EBITDA increased 62% in Q1 2022 at AED 297M (USD 81M).

The company’s realised prices during the period averaged $82/bbl for condensate and $43/boe for LPG compared to $44/bbl and $33/boe respectively in Q1 2021.

Dr Patrick Allman-Ward, CEO of Dana Gas, commented: “Building on the positive momentum from 2021, Dana Gas has delivered one of its best quarterly results, supported by high energy prices, continued high KRI operational performance, and our low-cost base. This has allowed the Board of Directors to recommend a 4.5 fils dividend payment to shareholders.

"Looking ahead, good progress continues to be made on the USD 600M KM250 gas expansion project. The next phase of development is expected to contribute an additional 25% to our total production
Previous articleEvonik opens zero-liquid-discharge catalyst plant
Next articleL&T Construction awarded significant contracts