Dana Gas posts threefold rise in net profit due to higher energy prices

Dana Gas posted a near three fold rise in net profit due to higher energy prices and increased production, the company said yesterday.

The Gulf's only listed natural gas company made a first quarter profit of Dh92 million, compared with Dh33 million in the year-before period, it said in a statement to the Abu Dhabi Securities Exchange.

"Net Profits are up by 180 per cent compared to the first quarter of 2010. This outcome is driven by the 34 per cent increase in production from Egypt and the Kurdistan Region of Iraq," said Ahmad Al Arbeed, Dana Gas' CEO.