Abu Dhabi – Mubasher: The board of Dana Gas recommended an incremental dividend distribution of 4.50 fils per share for the second half (H2) of 2022, according to a press release.

Meanwhile, the board’s proposal will make the full-year cash dividends amount to AED 630 million or 9 fils per share, higher by 12.50% than the value paid in 2021.

The higher payout aligns with soaring global energy prices and the company’s good operational performance registered in 2022.

This also follows interim cash dividends of 4.50 fils per share disbursed last October for H1-22.

Hamid Jafar, Chairman of Dana Gas, said: “The board of directors recommended this dividend which reflects our strong belief in Dana Gas’ growth prospects and recognises the company’s strong performance.”

“Steady production and an extended period of higher energy prices have contributed positively to our cash flow generation last year despite the challenges, and we are committed to maximising the dividends to shareholders,” Jafar added.

Last year, the ADX-listed firm logged net profits worth AED 667 million ($182 million), versus AED 1.16 billion ($317 million) in 2021.