Dana Gas said on Wednesday it has received a dividend payment of $22.75 million from Pearl Petroleum in proportion of the company’s shareholding.

“This brings the total dividend payments received from Pearl Petroleum for the year to date to $36.75 million,” the company said in an emailed statement.

Dana Gas reported a 27 per cent increase in net profit to $14 million (Dh51.42 million) in the first quarter of the year compared to $11 million reported during the same period last year.