Sharjah, UAE—Dana Gas, Middle East’s first and largest regional private sector natural gas company, has reported a 64 percent increase in the net profit for the first nine months of 2022 to AED589 million ($161 million), compared to AED360 million on a like for like basis.
In a bourse disclosure, the company said the gross revenue for the same period increase by 24 percent year on year to AED1.521 billion ($415 million).
The gains in profit were driven by higher realized prices, “prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI)”, the filing said.
Dr Patrick Allman-Ward, CEO of Dana Gas, said, “Dana Gas produced another robust set of financial results in the first nine months of the year, reflecting the Company’s continued attention to cost controls amid higher production in the KRI and supportive hydrocarbon prices.”
The Group’s overall production in 9M 2022 was 60,600 boepd, a 4 percent reduction from 63,200 boepd in the nine months of 2021. This was due to a 10 percent production drop in Egypt, mainly as a result of natural field declines.