Dana Gas profits jump 69% on new discoveries, sales
A sale of 10 per cent of the company’s interest in Kurdistan, together with a sale of the Company’s 50 per cent interest in the Komombo Concession in Egypt generated significant profits
Dubai: Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, on Monday reported a 69 per cent jump in net profits reaching Dh 436 million from the sale of hydrocarbons reaching Dh1.28 billion, the company said in a statement.
“A sale of 10 per cent of the company’s interest in Kurdistan, together with a sale of the Company’s 50 per cent interest in the Komombo Concession in Egypt generated significant profits, the full year net profit after tax of Dh88 million was lower than the Dh120 million generated in 2008. The reduction is largely due to the write off of exploration costs (in line with the company’s “successful efforts” accounting policy), together with specific impairments (e.g. Tunisia and Nigerian asset value revisions, plus a reduction in inventory and land values),” the statement said.
However, Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) increased by 150 per cent to Dh1.44 billion compared to 2008, reflecting the gains mentioned above.
