Dubai: Dana Gas said on Wednesday its nine months net profit fell to Dh149 million from Dh458 million in the same period last year.
However, revenues in the same period rose 6 per cent at Dh351 million. The increase in revenue, driven by higher realised hydrocarbon prices, helped offset production decreases in Egypt and the UAE. Correspondingly, third quarter revenue increased 6 per cent to Dh422 million.
However, 2017 net profit included one-off income arising from entitlement adjustments following a settlement with the Kurdistan Regional Government (KRG) and interest on overdue receivables due from the KRG (Dh62 million). Excluding these one-off items, net profit was Dh149 million in the nine months of 2018 as compared to a net loss of Dh22 million in the same period last year. The company’s third quarter net profit was Dh61 million as against Dh375 million in the same period last year.
Dr Patrick Allman-Ward, CEO of Dana Gas, said: “We have a 10- year gas sales agreement with the KRG to supply and sell these additional quantities of gas into the local market for power generation, which will further provide affordable and clean energy to underpin the region’s economic growth and additional revenues for Dana Gas.”