Abu Dhabi – Mubasher: Dana Gas achieved net profits valued at AED 462 million ($126 million) in the first nine months (9M) of 2023, down 22% year-on-year (YoY) from AED 589 million ($161 million).
Revenues dropped by 21% to AED 1.19 billion ($326 million) as of 30 September 2023 from AED 1.52 billion ($415 million) in 9M-22, according to the financial results.
Basic and diluted earnings per share (EPS) amounted to AED 0.06 ($0.01) in 9M-23, compared to AED 0.08 ($0.02) in the year-ago period.
Total assets reached AED 10.11 billion ($2.75 billion) in 9M-23, higher than AED 9.78 billion ($2.66 billion) as of 31 December 2022.
Statements for Q3-23
In the third quarter (Q3) of 2023, Dana Gas registered AED 158 million ($43 million) in net profit after tax, an annual plunge from AED 182 million ($50 million).
Revenues plummeted to AED 381 million ($104 million) in Q3-23 from AED 480 million ($131 million) in Q3-22, while the basic and diluted EPS went down to AED 0.022 ($0.006) from AED 0.026 ($0.007).
Richard Hall, the newly appointed CEO of Dana Gas, commented: "Dana Gas has demonstrated remarkable resilience in its performance throughout the first nine months of the year.”
“Our proactive measures implemented over the past few years, such as cost reductions and production optimisation, have yielded clear operational and financial benefits and helped to offset lower hydrocarbon prices,” Hall added.
He affirmed: “Dana Gas will also continue to work closely with our government partners in Egypt and the Kurdistan Region of Iraq (KRI) to ensure timely settlement of all outstanding receivables.”
In the first half (H1) of 2023, the ADX-listed firm recorded net profits attributable to the owners valued at AED 304 million ($83 million).
