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Dana Gas records lower profits in Q1-23; revenues hit AED 447m

Dana Gas records lower profits in Q1-23; revenues hit AED 447m
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Dana Gas
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Abu Dhabi – Mubasher: The net profits attributable to the equityholders of Dana Gas hit AED 183 million ($50 million) during the first quarter (Q1) of 2023, lower than AED 198 million ($54 million) in Q1-22.

Gross revenues amounted to AED 447 million ($122 million) as of 31 March 2023, an annual drop of 13% from AED 513 million ($140 million), according to the financial results.

Meanwhile, the basic and diluted earnings per share (EPS) hit AED 0.026 ($0.007) in the first three months (3M) of 2023, compared to AED 0.028 ($0.008) in Q1-22. 

The UAE group registered total assets worth AED 9.95 billion ($2.71 billion) in Q1-23, versus AED 9.78 billion ($2.66 billion) as of 31 December 2022.

Patrick Allman-Ward, CEO of Dana Gas, commented: “Dana Gas has delivered a strong set of financial and operating results despite the downturn in energy prices. We remain financially disciplined and focused on maintaining production and lowering costs, despite the challenging economic situation in the [Kurdistan Region of Iraq] KRI and Egypt.”

The CEO added: “Our target date for completion of the KM250 gas expansion project is April 2024, and we are hopeful our Egypt consolidation agreement will be finalised soon Looking ahead we are focusing our efforts on managing capital expenditure and preserving liquidity.”

Meanwhile, the ADX-listed firm is set to pay a cash dividend valued at 4.50 fils per share for the second half (H2) of 2022 on 25 May 2023.

Last year, Dana Gas generated AED 667 million ($182 million) in net profit, compared to AED 1.16 billion ($317 million) in 2021.