Abu Dhabi – Mubasher: Dana Gas posted a $38 million (AED 139 million) consolidated net profit in the first quarter (Q1) of 2024, down from $50 million (AED 183 million) in the same quarter a year earlier.

Gross revenues declined to $97 million (AED 356 million) in Q1-24 from $122 million (AED 447 million) in Q1-23, according to the interim consolidated financial results.

The basic and diluted earnings per share (EPS) amounted to $0.005 (AED 0.020) in the three-month period that ended on 31 March 2024, down from $0.007 (AED 0.026) in the corresponding period of 2023.

Richard Hall, CEO of Dana Gas, said: “It saddens me greatly to report the tragic fatalities and injuries following an incident at our Khor Mor field. We express our deepest condolences to the families. The gas plant was temporarily taken offline as we sought commitments for additional security measures from the governmental authorities before fully restoring production.”

“Prior to the incident, we realised profits during the quarter despite lower condensate prices and reduced output from Egypt. In the KRI we posted strong production numbers as our plant continues to produce above the 500 [Million Standard Cubic Feet per Day] MMscf/d level it had reached at the end of last year,” Hall added.

He noted: “We have also made significant progress in improving our receivables in the KRI as a result of the new payment mechanism registered last year, which continues to operate seamlessly. This has allowed Pearl to resume dividend payments to the company.”

Dana Gas reported a 12% YoY decline in net profit to AED 586 million ($160 million) in 2023 from AED 667 million ($182 million).