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Dana Gas' profits surge 125% in Q1-22

Dana Gas' profits surge 125% in Q1-22
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Dana Gas
DANA
0.87% 1.16 0.01

Abu Dhabi – Mubasher: The net profits attributable to the equity holders of Dana Gas jumped by 125% to AED 198 million in the first quarter (Q1) of 2022 from AED 88 million in the same period of 2021, according to the company's unaudited consolidated financials for the three-month period ended 31 March 2022.

The company recorded a 32% year-on-year (YoY) increase in revenues to AED 513 million in Q1-22, compared to AED 389 million.

Higher revenues and profits were attributed to a rise in hydrocarbon prices and the company’s efforts to manage costs.

Meanwhile, the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 62% YoY to AED 297 million in Q1-22.

The basic and diluted earnings per share (EPS) settled at AED 0.03 in Q1-22, versus AED 0.01 in Q1-21.

It is noteworthy to mention that in 2021, Dana Gas achieved net profits of AED 1.16 billion, versus net losses of AED 1.38 billion in the earlier year.