Dana Gas records Dh407 million net profit in H1 2022

Dana Gas on Thursday said its first-half net profit surged 82 per cent to Dh407 million due to elevated hydrocarbon prices, the company’s continued commitment to maintaining a low-cost base and strong operational performance in the Kurdistan Region of Iraq (KRI).

In a statement, the company said it generated a net profit of 5.8 fils per share as the company adjusted net profit (excluding reversal of impairment) of Dh225 million in first half of 2021.

The company’s revenue increased 31 per cent to Dh1.041 billion as compared to Dh792 million in first half of 2021 while its operating costs dropped 16 per cent.

The company’s realised prices averaged $87 per barrel for condensate and $44/boe for LPG compared to $48/bbl and $32/boe, respectively, in first half of 2021.

Given the strong operational and financial performance, the board expects to maintain its semi-annual dividend payment in keeping with the company’s dividend policy. The interim dividend will be decided by the board at its meeting in September.

— muzaffarrizvi@khaleejtimes.com