Dana Gas recorded a net profit of $110 million in first half of 2022, an 82% increase as against $61 million net profit in H1 2021.
The company said that its profitability was driven by elevated hydrocarbon prices, in addition to the company’s continued commitment to maintaining a low-cost base and strong operational performance in the Kurdistan Region of Iraq (KRI).
Given the strong operational and financial performance, the Board expects to maintain its semi-annual dividend payment in keeping with the company’s dividend policy. The interim dividend will be decided by the Board at its meeting in September.
Dr. Patrick Allman-Ward, CEO of Dana Gas, commented, “Dana Gas delivered strong half-year results, supported by our robust operational performance, low-cost base and favourable energy market conditions. Despite an increased uncertainty around the global economy amid high inflation, the outlook for the remainder of 2022 is still encouraging with both energy prices and demand remaining high.”
The company’s cash position at the end of H1 2022 stands at AED759 million, including AED436 million held at the Pearl level.
The Group collected a total of AED660 million during the H1 2022, with the KRI and Egypt contributing AED495 million and AED165 million, respectively.