Mubasher TV
Contact Us Advertising   العربية

Dana Gas H1 profit soars 483%

Dana Gas H1 profit soars 483%
Net profit for H1-19 amounted to $140 million
Dana Gas
DANA
0.93% 0.65 0.01

Abu Dhabi – Mubasher: Dana Gas, the Middle East's largest regional private sector natural gas company, has reported a 483% year-on-year surge in net profit for the first half of 2019.

Net profit for H1-19 amounted to $140 million (AED 513 million), compared to $24 million (AED 88 million) in the year-ago period, according to a press release.

The growth in H1-19 net profits was mainly supported by the recognition of certain reserve-based earn-out entitlements of $71 million, the company highlighted.

Net profit from core operations, excluding the reserve based earn outs, reached $69 million (AED 253 million) in H1-19, rising by 187% from $24 million (AED 88 million) in H1-18.

Revenue increased by 3% year-on-year to $242 million (AED 887 million) during the six-month period ended June 2019 due to a growth in production in the Kurdistan Region of Iraq (KRI).

The company’s increased production in the KRI added $27 million (AED 99 million) to the topline.

Patrick Allman-Ward, CEO of Dana Gas, commented: "Dana Gas’s net profit of $140million in the first half 2019 is a clear reflection of the company’s strong operational and financial performance with strongly rising production and revenues from the KRI.”

“An independent certification exercise has shown a 10% increase in the company’s 2P reserves in the KRI to over 1 billion boe. This external reserve auditor‘s report confirms our view that the Khor Mor and Chemchemal Fields are world-class and are probably Iraq’s biggest gas fields,” he added.

As for Dana Gas’ operations, its average production reached 68,200 barrel of oil equivalent per day (boepd) in H1-2019, down 7% from 63,600 boepd in H1-18.

The company’s output in the KRI grew to 32,400 boepd in H1-19 from 26,100 boepd in H1-18, while output in Egypt fell 4% year-on-year to 34,100.

The company also revealed it has billed $81 million (AED 297 million) in the KRI during the first six months of the year.

Moreover, it has received dividends worth $49 million (AED 180 million) from Pearl Petroleum in H1-19, versus $44 million (AED 161 million) in the same period of 2018.  

The company has also billed $58 million (AED 213 million) in Egypt, collecting $81 million (AED 297 million) in payments that cut its receivables to $117 million (AED 429 million).

Dana Gas’ cash stood at $404 million (AED 1.5 billion) as at 30 June 2019, marginally higher than $407 million (AED 1.5 billion) as at 31 December 2018, including a $105 million dividend payment made in May and ongoing Sukuk profit payments.