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Dana Gas posts gross profit of Dh307m

Dana Gas, the Middle East's first and largest regional private sector natural gas company, on Thursday reported a Dh307 million gross profit on Dh1.03 billion revenues in its first year of operations, a company statement said.

  • Staff Report
  • Published: 00:52 February 1, 2008
  • Gulf News

Dubai: Dana Gas, the Middle East's first and largest regional private sector natural gas company, on Thursday reported a Dh307 million gross profit on Dh1.03 billion revenues in its first year of operations, a company statement said.

"The gross profit of the group for the year was Dh307 million after adjusting for non-cash depreciation and depletion of Dh241 million. Earnings before interest, depreciation and depletion and income tax (Ebitda), reflecting cash flows from operations for the year, was Dh478 million. Net profit for the year was Dh111 million after finance charge of Dh153 million and income tax expense of Dh170 million," the statement said.

The company recorded substantial growth in fourth quarter profitability with gross profit of Dh123 million and net profit of Dh39 million which were up 71 per cent and 77 per cent respectively from previous quarter.

Dana Gas oil and gas production operations in Egypt achieved a year-end exit production rate of 32,100 barrels of oil equivalent per day, exceeding expectations as a result of the addition of production from the new discoveries in the Nile Delta, and revenues were further boosted by rising oil prices.

Total assets of Dana Gas also grew by 59 per cent to Dh10.86 billion during the year from Dh6.84 billion the previous year, reflecting the asset acquisition of Centurion Energy, and a robust liquidity position as at year-end following successful completion of the $1 billion (Dh3.67 billion) convertible sukuk issue last October.

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