Abu Dhabi – Mubasher: Dana Gas has achieved net profits attributable to the equity holders of $277 million (AED 1.018 billion) in the January-September period of 2021, against net losses of $379 million (AED 1.39 billion) in the same period of 2020, according to the company's unaudited interim consolidated financials.

Higher net profits are attributed to a rise in oil prices, improved operational performance, and other income.

The company generated gross revenues of $334 million (AED 1.224 billion) in the first nine months of 2021, up 27% year-on-year (YoY) from $262 million (AED 960 million).

The earnings before interest, tax, depreciation, and amortisation (EBITDA) increased to $179 million (AED 656 million) in the January-September period of 2021 from $110 million (AED 403 million) in the corresponding period of 2020.

The earnings per share (EPS) settled at $0.040 in the first nine months of 2021, versus losses per share of $0.054 in the corresponding period of 2020.

Meanwhile, the company's board has proposed to pay cash dividends of 7 fils per year payable in six monthly instalments of 3.5 fils, raising the company's annual dividends by 27% from the existing 5.5 fils.

Commenting on the company's performance, the CEO of Dana Gas, Patrick Allman-Ward, said: "The steps the Company has taken to increase production and reduce its cost structure and the progress it has made in increasing collections has well-positioned Dana Gas to benefit from rising energy prices and create shareholder value."

Meanwhile, Allman-Ward added: "Our strong production and robust operational performance, coupled with high oil prices, has resulted in a much stronger financial position."

It is noteworthy to mention that during the first half (H1) of 2021, the company recorded net profits after tax of $139 million, compared to net losses of $19 million in the same period of 2020.