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Dana Gas records Dh1.16 billion net profit in 2021 on higher oil prices

The Middle East’s largest regional private sector natural gas company, said its revenue increased 30 per cent to $452 million in 2021 compared to $349 million (Dh1.3 billion) in 2020



Dana Gas had record gas and LPG production in the Kurdistan Region of Iraq in December. — File photo
Dana Gas had record gas and LPG production in the Kurdistan Region of Iraq in December. — File photo

By Staff Report

Published: Thu 10 Feb 2022, 5:13 PM

Dana Gas has reported Dh1.16 billion net profit last year compared to a net loss of Dh1.37 billion loss in 2020 primarily due to higher oil prices, improved operational performance, and income.

In a statement, the Middle East’s largest regional private sector natural gas company, said its revenue increased 30 per cent to $452 million (Dh1.65 billion) in 2021 compared to $349 million (Dh1.3 billion) in 2020, supported by higher oil prices and higher production in the Kurdistan Region of Iraq (KRI).

The board of directors of Dana Gas determined in November 2021 to pay a dividend of seven fils per year payable in six monthly installments 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 solid financial footing due to 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 three years and 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,” Dr Patrick Allman-Ward, CEO of Dana Gas, said.

He said this growth would not have materialised without our staff’s outstanding dedication and hard work who, despite the global Covid-19 pandemic, have worked tirelessly to ensure the company delivered on its commitments.

“We have progressed significantly on our expansion works at the Khor Mor plant. The first KM250 gas train is expected to go on stream as scheduled in second quarter of 2023. We are also pleased that our KRI operations achieved net carbon neutral status in 2021. This is an important milestone on our journey to reducing the carbon intensity of our operations to provide low-carbon energy for our customers,” he added.

business@khaleejtimes.com


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