Sharjah: Dana Gas has reported a net profit of $317 million (Dh1.16 billion) in 2021 as compared to a net Loss of $376 million in 2020.
The increase was primarily due to higher oil prices, improved operational performance and Other Income. Other Income included $608 million relating to amounts due following an arbitration award. This was partially offset by impairments of $451 million related to UAE Gas assets and Goodwill.
Adjusted Net Profit for the year, excluding the other income and impairments was $128 million (Dh469 million versus 2020 Adjusted Net Profit of $36 million an increase of 256 per cent, reflecting robust underlying operating performance.
Revenue increased 30 per cent to $452 million in 2021 compared to $349 million in 2020, supported by higher oil prices and higher production in Kurdistan Region of Iraq (KRI).
In light of the Company’s strong financial performance during the year, the Board of Directors of Dana Gas decided in November 2021 to pay a dividend of 7 fils per year payable in six monthly instalments of 3.5 fils each, thereby increasing Dana Gas’s annual dividend by 27 per cent from the previous 5.5 fils. The first interim dividend of 3.5 fils was distributed in January 2022 following shareholders’ approval in December 2021.
“We closed the year on a strong financial footing as a result of a robust operational performance over the last 12 months. We had record gas and LPG production in the KRI in December, achieving a 50 per cent growth in gas production over the past 3 years as well as record collections of $377 million, all of which contributed to our record profits of $317 million. This allowed us to make record dividend payments, reflecting the Board’s confidence and optimism about the future of Dana Gas,” said Dr Patrick Allman-Ward, CEO of Dana Gas.
