Business | Oil & Gas
UAE's Dana Gas reports 19 per cent rise in first quarter profit
UAE oil and gas producer and distributor Dana Gas has reported a 19 per cent rise in first-quarter profits thanks to higher energy prices.
- Bloomberg
- Published: 10:04 May 15, 2008
Abu Dhabi: UAE oil and gas producer and distributor Dana Gas has reported a 19 per cent rise in first-quarter profits thanks to higher energy prices.
Net income rose to Dh25 million from Dh21 million a year earlier, Dana said in a statement to the Abu Dhabi bourse.
Income from oil and gas production for the period was Dh272 million, 35 percent higher than the corresponding quarter last year, the company said.
The company didn't provide earnings per share data.
"Net income rose mainly because on higher oil prices, which gave us a better realization from liquids production,'' Finance Director Neeraj Agrawal said in a telephone interview from Dubai.
"Strong energy prices mean that the company will continue to see increases in operating revenues and earnings, particularly as we prepare to bring our projects in the U.A.E. and in the Kurdistan region of Iraq to production.''
Dana, established in 2005, is planning to invest about $500 million to explore for oil and gas in Egypt and to produce gas in Iraq this year, Agarwal said.
It raised 2.1 billion dirhams in a share sale in 2005, and a further $1 billion through an Islamic bond sale in October.
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