Dana Gas withholds dividend for 2nd year in row

Dubai: Dana Gas said on Sunday its shareholders have decided to withhold the dividends for a second year in a row.

The shareholders also discussed and approved the financial statements for 2015, the company said in a statement posted on Abu Dhabi Securities Exchange’s website.

The company posted a 15 per cent rise in full year net profit to Dh528 million compared to Dh457 million earlier. The company reported gross revenues of Dh1.5 billion in 2015.

The company ended the year with an average total production of 63,900 barrels of oil equivalent per day (boepd), a 7 per cent decrease compared to 68,900 boepd at end 2014, although production in Kurdistan saw an increase of 800 boepd (3 per cent) of production.