Sharjah, UAE – Dana Gas Board of Directors have recommended an incremental dividend payment of 4.5 fils per share for the second half of 2022.
A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m) or 9 fils per share, a 12.5 percent increase compared to the dividend for 2021. This follows the interim dividend paid in October of 4.5 fils per share.
The company reported a net profit of AED667 million ($182m) in 2022 as compared to AED1.16 billion ($317 m) in 2021.
Excluding other income and impairments, Dana Gas reported adjusted net profit of AED718 million ($196 m) as compared to AED469 million ($128 m) in 2021, an increase of 53 percent.
The strong year-on-year profits were sustained by high energy prices, steady production and prudent cost control, the company said.
Revenue rose 17 percent to AED1.94 billion ($529 m) in 2022 compared to AED1.66 billion ($452 m) in 2021 due to higher realized prices and production output in the Kurdistan Region of Iraq (KRI).
Production in the KRI and Egypt remained uninterrupted throughout the year. Operational costs decreased by 5 percent to AED209 million (US$57mn) in 2022 compared to AED220 million (US$60mn) in 2021.
