Abu Dhabi: Dana Gas, the Sharjah-based natural gas company, reported Dh47 million in net profit for the third quarter of 2016 as earnings jumped into positive territory compared to the same quarter in 2015, which saw Dh32 million in losses.
The figure brings profits for the first nine months of 2016 to Dh95 million – a significant jump from the Dh37 million reported in the same period last year.
Meanwhile, the company’s revenues reached Dh374 million in the third quarter of 2016, up nearly 10 per cent from Dh341 million in Q3 2015. Revenues for first nine months of 2016 were Dh1 billion – down 14 per cent over the Dh1.19 recorded in the same period of 2015.
“During the quarter, we continued to make progress on our group production output goals, reaching 69,400 boepd (barrels of oil equivalent per day). Despite our collections decreasing due to disappointing payment delays from Egypt, we have managed to offset these through better than anticipated collections in Iraq’s Kurdistan Region,” said Patrick Allman-Ward, chief executive officer at Dana Gas.
He added, “Nevertheless, we remain mindful of our long-term cash requirements, and we will have to review our operational and capital expenditure in Egypt for 2017 if the situation does not improve.”