Sharjah: Dana Gas, a private natural gas company, announced on Thursday its latest financial results, reporting a massive 246 per cent increase in its net profits during the first nine months of the year to Dh521 million.
The group, which has operations in the UAE, Egypt and Kurdistan Region of Iraq (KRI), also reported a two per cent rise in its nine-month revenues up to Dh1.31 billion.
For the company’s third quarter results, net profit matched the prior year at Dh61 million after adjusting for one-off items. Revenue in Q3 was Dh422 million, also matching last year’s results.
The company’s average production in the first nine months of the year was up by 8 per cent with 67,110 barrels of oil equivalent per day (boepd). Production in Egypt was down 3 per cent to 33,600 boepd, while production in its Iraqi operations was up by 23 per cent to 31,800 boepd.
“Our strong financial and operational performance over the first nine months of 2019 is a testament to the company’s growing strength as production increases and collections improve,” said Dr Patrick Allman-Ward, chief executive officer of Dana Gas.
“We are also moving ahead with the development and construction of the first of our two gas processing trains in the KRI, which will allow us to produce and sell an additional 250 million standard cubic feet per day of gas by 2022,” he added.
The company’s cash position ending in September stood at Dh1.43 billion, slightly down from the Dh1.5 billion last year, with a dividend payment of Dh384 million made in May and ongoing Sukuk profit payments.