Abu Dhabi – Mubasher: Dana Gas logged a net profit of $157 million (AED 575 million) for the full year ended 31 December 2019, against a loss worth $186 million (AED 682 million) in 2018, the preliminary unaudited financials showed on Wednesday. 

The growing annual profits in 2019, the highest in seven years, were driven by significantly higher production from the Kurdistan Region of Iraq (KRI) by 18% or $40 million, in addition to the earnout and deferred income entitlements Dana Gas received over 2019, which added to the bottom line.

Revenues, however, shrank to $459 million (AED 1.68 billion) last year when compared to $470 million (AED 1.72 billion) in 2018, dragged by lower realised prices and lower production in Egypt that was partly offset by the higher output in KRI. 

The company’s book value per share stood at AED 1.38 as of year-end 2019.

Commenting on the results, CEO of Dana Gas, Patrick Allman-Ward, remarked: “Dana Gas registered strong performance metrics in 2019 underscoring its increasing financial resilience in what has been a challenging year for the oil industry [...] The strong set of results are supportive of a dividend payment, subject to necessary approvals.”

“Looking ahead, the company’s expansion plan in the KRI is on schedule, with delivery from the first gas train expected in 2022. This will raise production to 650 MMscf/d from the current rate of circa 400 MMscf/d. Over 90% of Dana Gas’s proven reserves are located in the KRI, so we will continue our focus here as we look to delivering on this vast potential,” he concluded.