A Dana Gas plant in Iraq
Dana Gas' Kurdistan operations delivered operational gains and together with higher yields compensated for lower production at the Egypt plant. Image Credit: Supplied

Dubai: Higher energy prices were enough to fuel UAE’s Dana Gas to a 24 per cent increase in 9-month 2022 revenues of Dh1.5 billion and a net profit of Dh589 million.

The private sector company’s operations in Kurdistan Region of Iraq delivered a strong ‘operational performance’, despite coming under a rocket attack recently. These were enough to offset the 10 per cent production decline at the Egypt plant.

“Dana Gas produced another robust set of financial results in the first nine months of the year, reflecting the company’s continued attention to cost controls amid higher production in the KRI and supportive hydrocarbon prices,” said Dr. Patrick Allman-Ward, CEO.

“While headwinds to the global economy are increasing amid higher inflation and slowing growth, the outlook remains positive given continued elevated energy prices and the company’s strong balance-sheet and low debt position.”

The company’s cash position as at September 30 was Dh784 million, including Dh271 million held at the Pearl level. The  interim dividend - done in October - for H1-2022 was 4.5 fils per share, equivalent to Dh315 million.

Overall production during January to September was 60,600 boepd, a 4 per cent drop from 63,200 boepd in 2021. This was due to a 10 per ent production drop in Egypt, 'mainly as a result of natural field declines'. Production output in KRI increased slightly with production averaging 34,300 boepd versus 34,000 in year-to-end September 2021.

Net profit comparison with 9-month 2021
Net profit at the 9-month mark 2021 was actually higher at Dh1.02 billion compared to Dh589 million now. But that tally was boosted by a one-off in other income and impairment that were recognised, the tally last year would have been Dh360 million.