Dana Gas, the Middle East’s largest regional private sector natural gas company, has announced its shareholders will get a 28.5% hike in interim dividend totalling AED315 million ($86 million) or of 4.5 fils per share for H1 2022. Approved by its Board of Directors, this will be distributed by the October 21, 2022 and represents 8.7% annualised dividend yield.
Hamid Jafar, Chairman of the Board, said: “The interim dividend announcement reflects our ongoing confidence in the business and demonstrates our robust operational and financial performance. High energy prices have contributed to our strong cash flow. When combined with continued steady production and effective cost control, we are able to continue to reward our shareholders with another interim dividend payment.”
H1 net profit had shot up 82pc
The company had previously announced at its H1 2022 results that it generated a net profit of AED407 million ($111 million) in the first six months of the year, an 82% increase compared to an adjusted net profit in H1 2021.
Its profitability in the first half of 2022 was driven by elevated hydrocarbon prices, a continued commitment to maintaining a low-cost base and strong operational performance in the KRI.-- TradeArabia News Service