Prime Highlights :
- Dana Gas posted a 72% rise in first-quarter net profit to AED 270 million.
- Group production reached its highest level since 2018 after the KM250 expansion.
Key Facts :
- Dana Gas operates key assets in Iraq and Egypt.
- The company ended the quarter with AED 836 million in consolidated cash.
Background :
Dana Gas reported strong first-quarter results after net profit rose 72% year-on-year to AED 270 million, supported by higher revenue and a one-time positive adjustment linked to gas metering reconciliation in the Kurdistan Region of Iraq.
Revenue increased to AED 531 million from AED 334 million a year earlier. The company said results were helped by the one-off gain of AED 176 million, partly offset by a one-time drilling cost of AED 22 million in Egypt. Excluding these items, the underlying net profit stood at AED 95 million.
Dana Gas said higher costs following the KM250 expansion and a temporary production disruption in March affected underlying earnings. It expects these pressures to be temporary as production capacity improves.
In the Kurdistan Region of Iraq, gas production exceeded 700 MMscf/d in January after the KM250 expansion. This added around 15,000 barrels of oil equivalent per day to net production and lifted total group output to 70,000 boepd, the highest level since 2018.
Operations at the Khor Mor facility were temporarily suspended in late February and later resumed in March at reduced capacity due to regional security conditions. The company said it maintained resilient supply levels.
In Egypt, production rose 4% to 13,050 boepd, marking the first return to production growth since 2017. Dana Gas said drilling and workover activity supported the increase.
The company’s cash balance stood at AED 836 million by the end of March. In March, it secured a new AED 275 million bank facility, strengthening liquidity. Shareholders also approved a dividend of 6.5 fils per share worth AED 455 million, payable in the second half of May.
