Abu Dhabi – Mubasher: Dana Gas generated AED 407 million in net profit after tax during the first half (H1) of 2022, an annual leap of 82% from an adjusted net profit of AED 225 million which excluded reversal of impairment.
The basic earnings per share (EPS) increased to AED 0.058 in H1-22 from AED 0.072 in H1-21.
The UAE-based firm reported gross revenues of AED 1.04 billion in H1-22, higher by 31% than AED 792 million during the same period a year earlier, according to the income statements.
Dana Gas has collected AED 660 million in H1-22, including AED 495 million from its operations in the Kurdistan Region of Iraq (KRI) and AED 165 million from Egypt.
During the second quarter (Q2) of 2022, the company’s net profits after tax totalled AED 209 million.
Meanwhile, the gross revenues amounted to AED 528 million in April-June 2022, up 31% year-on-year (YoY) from AED 403 million. The basic EPS registered AED 0.030 in Q2-22, compared to AED 0.059 in the same half a year ago.
Patrick Allman Ward, CEO of Dana Gas, said: “Dana Gas delivered strong half year results, supported by our robust operational performance, low cost base, and favourable energy market conditions.”
He added: “Despite an increased uncertainty around the global economy amid high inflation, the outlook for the remainder of 2022 is still encouraging with both energy prices and demand remaining high.”
In the first three months (3M) of 2022, Dana Gas reported net profits attributable to the equityholders worth AED 198 million, a hike of 125% from AED 88 million in the year-ago period.
