Abu Dhabi – Mubasher: Dana Gas recorded a net profit worth AED 667 million ($182 million) in 2022, an annual plunge from AED 1.16 billion ($317 million).

The adjusted net profits reached AED 718 million ($196 million) in January-December 2022, higher by 53% year-on-year (YoY) than AED 469 million ($128 million), excluding other income and impairments.

Meanwhile, the gross revenues surged by 17% YoY to AED 1.93 billion ($529 million) in 2022 from AED 1.65 billion ($452 million), according to the financial results.

Basic earnings per share (EPS) stood at AED 0.09 ($0.02) last year, lower than AED 0.16 ($0.04) in the January-December 2021 period.  

Furthermore, the company’s total assets amounted to AED 9.78 billion ($2.66 billion) as of 31 December 2022, compared to AED 9.62 billion ($2.62 billion) in 2021.

Patrick Allman-Ward, CEO of Dana Gas, said: “In 2022, we managed to optimise our assets in the [Kurdistan Region of Iraq] (KRI), reaching record levels of production and increasing capacity by a further 50 MMscf/d following the completion of a by-pass project.”

“The successful completion of the project in the KRI and our plans for maximising production in Egypt will have a positive impact on the environment as gas production displaces more carbon-intensive fuels for power generation which will enhance the quality of life of residents in the KRI, Iraq, and Egypt,” he noted.

The CEO highlighted: “The outlook for this year remains encouraging, especially if oil prices remain at current levels. However, there remain various challenges, specifically with collections in the KRI and foreign currency withdrawals in Egypt.” 

In the first nine months (9M) of 2022, Dana Gas witnessed an annual drop in net profit after tax to $161 million (AED 589 million), versus $279 million (AED 1.02 billion).