Abu Dhabi – Mubasher: The net profits of Dana Gas retreated to $72 million (AED 263 million) in the first half (H1) of 2024 from $83 million (AED 304 million) in H1-23.
The group posted revenues amounting to $190 million (AED 696 million) in H1-24, an annual drop from $222 million (AED 814 million), according to the interim consolidated financial results.
Basic and diluted earnings per share (EPS) hit $0.010 (AED 0.037) in the first six months (6M) of 2024, down from $0.012 (AED 0.043) as of 30 June 2023.
Financials for Q2
In the second quarter (Q2) of 2024, Dana Gas logged net profits valued at $34 million (AED 124 million), higher by 3% year-on-year (YoY) than $33 million (AED 121 million).
Revenues fell to $93 million (AED 340 million) in Q2-24 from $100 million (AED 367 million) in Q2-23.
Quarterly, the Q2-24 profits plummeted from $38 million (AED 139 million) in Q1-24, while the revenues shrank from $97 million (AED 356 million).
Richard Hall, CEO of Dana Gas, commented: “Thanks to a newly established payment mechanism with the local government, we have seen significant improvements in our receivables in the KRI, receiving regular payments since November 2023 and effectively reducing past receivables. Increased production output in the KRI, driven by higher demand from local power plants, has bolstered our operational performance.”
“Coupled with robust hydrocarbon prices, we achieved a strong financial performance despite lower condensate prices and reduced output from Egypt,” Hall added.
