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Dana Gas 2015 net profit up 15pc

SHARJAH, February 14, 2016

UAE-based Dana Gas, a leading natural gas company, has announced that its net profit in 2015 increased 15 per cent to $144 million (Dh528 million), compared to $125 million (Dh457 million) in 2014.

 The company reported gross revenues and gross profit of $417 million (Dh1.5 billion) and $126 million (Dh463 million) respectively, down from $683 million (Dh2.5 billion) and $303 million (Dh1.1 billion) for the full year 2014.

The fall in revenue and gross profit was directly attributable to the sharp decline in world oil prices last year, as well as a 15 per cent production decline in Egypt, a statement said.

The company’s year-end cash and bank balance stood at $470 million (Dh1.7 billion), up from $184 million (Dh674 million) at end 2014.  The key contributor to this increase was the cash received from RWE in November in consideration of the agreed settlement of the arbitration and sale of 5 per cent interest in Pearl Petroleum Company Limited, the statement said.

Dr Patrick Allman-Ward, Dana Gas CEO said: “Despite the challenging business environment with the fall in oil prices, Dana Gas is pleased to report healthy financial results including higher net profit, a significantly improved reserves position and positive outcomes in our arbitration cases.”

“We have made solid progress in further cutting costs, increasing operational efficiencies and bringing on-stream new fields in the UAE and Egypt, and have strengthened our management team during the course of the year with the appointment of a new technical director and chief financial officer.

“Looking ahead we expect to see increases in production levels and resulting cash flows, particularly in Egypt and also in the UAE with the anticipated start-up of the Zora Field. Together with our overall reduced spending levels and healthy cash position this means that Dana Gas is well positioned to face the challenges of the current lower oil price environment and is prepared for the future upturn,” he added. – TradeArabia News Service




Tags: Dana Gas | natural gas |

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