Abu Dhabi – Mubasher: Dana Gas has achieved net profits of AED 1.16 billion in 2021, versus net losses of AED 1.38 billion in the earlier year, according to the company's preliminary unaudited financials for the year ended 31 December 2021.

Turning to profitability is driven by higher oil prices, improved operational performance, and other income, including $608 million (AED 2.23 billion) due amounts following an arbitration award. 

The company generated revenues of AED 1.66 billion in 2021, up 30% from AED 1.297 billion in 2020.

The basic earnings per share (EPS) stood at AED 0.165 last year, against losses per share of AED 0.19 in 2020.

The CEO of Dana Gas, Patrick Allman-Ward, commented: "We had record gas and LPG production in the KRI in December, achieving a 50% growth in gas production over the past 3 years as well as record collections of $377 million, all of which contributed to our record profits of $317 million."

Allman-Ward added: "We have progressed significantly on our expansion works at the Khor Mor plant. The first KM250 gas train is expected to go onstream as scheduled in the second quarter (Q2) of 2023."

It is noteworthy to mention that in the January-September period of 2021, the company achieved net profits attributable to the equity holders of AED 1.018 billion, against net losses of AED 1.39 billion in the same period of 2020.