Abu Dhabi – Mubasher: Dana Gas logged net profits worth $43 million (AED 158 million) in the first quarter (Q1) of 2025, an annual growth of 13% from $38 million (AED 139 million), according to the financial results.
The higher earnings were driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement, lower depreciation, depletion, and amortization (DDA) charges, along with reduced finance costs.
Gross revenues dropped to $91 million (AED 334 million) as of 31 March 2025 from $97 million (AED 356 million) in Q1-24, mainly due to lower production in Egypt and lower realized hydrocarbon prices.
Basic and diluted earnings per share (EPS) hit $0.006 (AED 0.022) in Q1-25, versus $0.005(AED 0.020)a year earlier.
Richard Hall, CEO of Dana Gas, commented: “Despite softer oil prices, we have increased our profitability and maintained our operational and strategic progress. We achieved higher production in the KRI while reducing our operational and finance costs.”
“We also continue to make excellent progress on the KM250 expansion, and we remain on track to achieve first gas by Q1-26,” Hall added.
He noted: “Meanwhile, our drilling program is underway in Egypt, and the Board’s decision to resume sustainable dividend payments reflects the strength of our financial position and positive future outlook.”
In 2024, Dana Gas posted 6% YoY lower net profits at $151 million (AED 553 million), compared to $160 million (AED 586 million).
