Abu Dhabi – Mubasher: Dana Gas registered net profits after tax worth $161 million (AED 589 million) in the first nine months (9M) of 2022, versus $279 million (AED 1.02 billion) in the year-ago period.
The group witnessed an annual hike of 64% in 9M-22 profits, compared to an adjusted net profit of $98 million (AED 358 million) which excluded reversal of impairment, according to the financial results.
Additionally, the gross revenues reached $415 million (AED 1.52 billion) during the January-September 2022 period, a 24% year-on-year (YoY) jump from $334 million (AED 1.22 billion).
The basic earnings per share (EPS) went down to $0.023 (AED 0.084) in 9M-22 from $0.040 (AED 0.145) in 9M-21.
During the third quarter (Q3) of 2022, the company’s net profits after tax plummeted to $50 million (AED 182 million) from $140 million (AED 514 million) in Q3-21.
Meanwhile, the gross revenues grew by 11% YoY to $131 billion (AED 480 million) in July-September 2022, compared to $118 billion (AED 432 million).
The EPS settled at $0.007 (AED 0.026) in Q3-22, lower than $0.020 (AED 0.073) during the same period a year earlier.
Patrick Allman-Ward, CEO of Dana Gas, commented: “Dana Gas produced another robust set of financial results in 9M-22, reflecting the company’s continued attention to cost controls amid higher production in the Kurdistan Region of Iraq (KRI) and supportive hydrocarbon prices.”
The CEO noted: “While headwinds to the global economy are increasing amid higher inflation and slowing growth, the outlook remains positive given continued elevated energy prices and the company’s strong balance sheet and low debt position.”
In the first half (H1) of 2022, Dana Gas witnessed an 82% YoY surge in net profit after tax to AED 407 million, versus an adjusted net profit of AED 225 million excluding reversal of impairment.
Last October, the ADX-listed firm disbursed AED 315 million as cash dividends for H1-22.
