Sharjah: Dana Gas, the Middle East’s largest private sector natural gas company, said on Thursday it posted a Dh33 million net profit in the first quarter of this year compared to a loss of Dh32 million in the same period of 2009.
Revenue from the sale of hydrocarbons increased to Dh411 million, with gross profit reaching Dh162 million. These figures represent increases of 66 and 138 per cent, respectively, compared to the same period last year.
“This is due to very strong production growth, amounting in aggregate to 36 per cent, from the company’s operations in Egypt, where nine fields are now producing, and in Iraq, where production from the Khor Mor field continues to increase compared to Q1-2009. It is also due to higher market prices for oil, condensate and LPG [liquefied petroleum gas] during 2010,” the company said in a statement.
Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) increased by just over 100 per cent to Dh228 million as compared to the first quarter of last year.
Dana Gas’ net profit after tax excludes an unrealised gain of Dh140 million in the quarter for the company’s investment in MOL, the Hungarian oil and gas company, which has been booked directly to equity in line with accounting policy, the statement said.
