Dubai: The UAE-based natural gas producer Dana Gas announced a 45 per cent hike in its annual dividend after returning to profits last year, with higher oil prices playing a part. The company will recommend the distribution of a 4.5 fils per share cash dividend for the second-half of 2021, to bring the total for the year to 8 fils per share.
“Dana Gas achieved record profits and collections over the previous year, through careful management of costs and operations, and against a backdrop of rising energy prices,” said Chairman Hamid Jafar in a statement. “The outlook for 2022 is positive given higher energy prices and the continued focus on management of operations and growth projects.”
Brent crude had been pushing its way higher through the second-half of last year. After the launch of the conflict in Ukraine, it shot past $100 a barrel and then up to $130. It has now settled at around $100.
The company reported a net profit of Dh1.2 billion for 2021 compared to a net loss of Dh1.4 billion in 2020. And on an adjusted basis, it posted a net profit of Dh469 million ($128 million) when one-off non-cash impairments and other income are excluded.
