Dana Gas more than doubled its first-quarter net profit amid rising oil prices

Sharjah-based Dana Gas, one of the Middle East’s largest private natural gas companies, more than doubled its net profit in the first quarter as revenue surged amid rising oil prices.

Net profit for the three months to the end of March jumped 125% to 198 million dirhams ($54 million), the company said in a statement to the Abu Dhabi Stock Exchange, where its shares are listed. negotiated.

Revenues for the reporting period jumped 32% to Dh513m, boosted by a sharp rise in hydrocarbon prices and lower costs.

“Building on the positive momentum of 2021, Dana Gas delivered one of its best quarterly results, supported by strong energy prices, high KRI [Kurdistan region of Iraq] operational performance and our low-cost base,” said Patrick Allman-Ward, CEO of Dana Gas.

“The outlook for the remainder of 2022 is particularly encouraging as energy prices and demand remain elevated due to prevailing global economic challenges.”

More soon…

Updated: May 11, 2022, 06:06

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