Dana Gas almost doubles profit

Abu Dhabi

ABU DHABI, May 11, 2017 – The UAE’s Dana Gas on Thursday said it had recorded an 83% year-on-year increase in quarterly profit to USD 11 million, up from USD 6 million in the first quarter of 2016.

Company revenue was up as well, growing from USD 82 million last year to USD 118 million for the quarter ended March 31.

The increase in revenue and profit was accompanied by greater production. Compared with the first three months of last year, output was up 16% to 69,900 boepd. At 40,490 boepd, Egypt had the largest share, followed by the Kurdistan Region of Iraq with 26,500 boepd.

Dana Gas continued to struggle with collections in Egypt, where trade receivables grew from USD 265 million to USD 283 million over the past quarter.

Earlier this month, Managing Director of the Board Majid Jafar told TOGY that the growing amount of receivables had “hampered investment” in the country.

CEO Patrick Allman-Ward was nonetheless upbeat, calling the company’s figures “solid.”

“Group production was up for the second consecutive quarter, despite significantly reduced operating and capital expenditure,” he added.

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