Dana Gas, a leading natural gas company in the region, has posted a revenue of $351 million (Dh1,287 million) for the first nine months of the year from $330 million over the same period last year, marking an increase of 6 per cent.

 Correspondingly, Q3 2018 revenue increased 6 per cent to $115 million from $108 million. The increase in revenue, driven by higher realised hydrocarbon prices, helped offset production decreases in Egypt and the UAE, a statement said.

Gross profit for the first nine months (9M) of 2018 was 31 per cent higher at $113 million, compared to $86 million in the corresponding period last year, driven by improved price realisations.

The company’s 9M 2018 net profit was $41 million versus $125 million in 9M 2017. However, 2017 net profit included one-off income (non-cash) arising from entitlement adjustments following settlement with the Kurdistan Regional Government (“KRG”) and interest on overdue receivables due from the KRG.

The company’s Q3 2018 net profit was $17 million versus $102 million in Q3 2017. Similar to 9M, Q3 2017 net profit included one-off income arising from the same entitlement adjustment($91 million) and interest on overdue receivables ($5 million). Excluding these one-off items, net profit was $17 million in Q3 2018 as compared to $6 million in Q3 2017.
 
Dr Patrick Allman-Ward, CEO of Dana Gas, said: “Our robust financial results for 9M 2018 again reflects excellent performance.  We posted a net profit of $41 million as opposed to a $6 million adjusted net loss in 2017.

“In the KRI, we are celebrating our 10th anniversary of operations in-country and the successful execution of the debottlenecking project that is targeting a 25 per cent boost to output. We have a 10- year gas sales agreement with the KRG to supply and sell these additional quantities of gas into the local market for power generation, which will further provide affordable and clean energy to underpin the region’s economic growth and additional revenues for Dana Gas.” – TradeArabia News Service