Abu Dhabi – Mubasher: Dana Gas on Thursday reported a 19% year-on-year increase in gross profits for the year ended 31 December 2018. However, excluding a loss impairment, the gas firm registered losses in the full-year 2018.

Including the Impairments, however, Dana Gas suffered AED 681 million ($186 million) in net losses in 2018, against net profits of AED 304 million ($83 million) in 2017.

Accordingly, Dana Gas’ book value per share stands at AED 1.36 as of year-end 2018.

Revenues increased by 4% year-on-year to AED 1.7 billion ($470 million) last year due to higher realised prices and incremental production in the Kurdistan Region of Iraq (KRI) in Q4-18.

Net profits (excluding impairment) amounted to AED 234 million ($64 million) in the full-year 2018, according to the company’s statement.

Commenting on the company’s 2018 performance, Dana Gas CEO Patrick Allman-Ward described 2018 as being a “year of strong operational performance” for the Abu Dhabi-listed gas company.

“We delivered, a 30% increase in gas production from the KRI debottlenecking project which will increase revenues by $50 million on an annualised basis, we made large saving from restructuring the Sukuk, we achieved higher collections and the Company paid its first dividend,” Allman-Ward stated.

The board of the Middle East's first and largest regional private sector natural gas firm recommended distributing cash dividends of 5.5 fils per share.

In the course of 2018, Dana Gas concluded its sukuk restructuring and buyback programme, which together has reduced the sukuk from $700 million to $399 million. It noted that it would save around $40 million in ongoing annual financing costs.

“The Group’s total collection was $334 million with Egypt, KRI and UAE contributing $208 million, $114 million and $12 million respectively in FY 2018,” the statement highlighted.

By 12:21 am UAE time, Dana Gas’s stock rose 0.95% at AED 0.85.