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Dana Gas Reports 150% Increase In Net Profit In Q1 2019
(6 May 2019)

 

Dana Gas today announced its financial results for the first quarter ended 31st March 2019, declaring that net profit was up 150% in Q1 2019, reaching $35 million (AED128 million) as compared to $14 million (AED51 million) in Q1 2018.

The higher net profit was principally due to an increase in Kurdistan Region of Iraq, KRI, production which added $14 million and offset the impact of lower production in Egypt and lower realised prices. Furthermore, a saving of $10 million of Sukuk profit payments was recognised during the quarter following the successful Sukuk restructuring and buyback programme.

Revenue remained flat at $119 million (AED436 million) as compared to $120 million (AED440 million) in Q1 2018 despite the decline in realised prices and production decline in Egypt, which was offset by a significant increase in output in KRI.

Commenting on the announcement, Dr. Patrick Allman-Ward, CEO of Dana Gas, said, "We have started the year as we left off in 2018 with a strong operational focus and good financial results. Our revenues and cash-flow are robust and we more than doubled our net profit to $35 million this quarter. Operationally, we have signed a 20-year gas sales agreement with the KRI which enables us to go-ahead with our expansion plans to increase our production from the current 400 to 650 MMscf/d by 2021.

"In Egypt, we are moving ahead with plans to spud the high-impact, offshore Merak well, which holds a potential 4 to 6 Tcf of gas and if successful will be a ‘game-changer’ for the Company," the CEO of Dana Gas added.



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