Dana Gas AGM to approve dividend distribution

Dubai

Dana Gas said on Sunday its board’s recommendation to distribute 5 per cent cash dividend will be one of the agenda items at the upcoming annual general meeting (AGM).

The AGM will be held on April 18, the company said in a statement posted on Abu Dhabi Securities Exchange. The company didn’t pay dividend for 2016.

The company reported a net profit of $83 million (Dh304 million) in 2017 compared to a loss of $88 million (Dh323 million) in 2016.

Revenues of the company went up to $450 million in 2017, from $392 million a year earlier due to higher oil prices, increase in production in Egypt and tight management of operational expenses.