Abu Dhabi – Mubasher: Dana Gas achieved AED 304 million ($83 million) in net profit attributable to the owners during the first half (H1) of 2023, an annual plunge from AED 407 million ($111 million).
Gross revenues stood at AED 814 million ($222 million) in H1-23, down year-on-year (YoY) from AED 1.04 billion ($284 million), according to the financial results.
The basic and diluted earnings per share (EPS) hit AED 0.04 ($0.012) in the first six months (6M) of 2023, compared to AED 0.05 ($0.016) in H1-22.
Financial Results for Q2-23
The net profits attributable to the shareholders reached AED 121 million ($33 million) during the second quarter (Q2) of 2023, versus AED 209 million ($57 million) in the year-ago period.
Revenues plummeted to AED 367 million ($100 million) in Q2-23 from AED 528 million ($144 million) in Q2-22, while the basic and diluted EPS retreated to AED 0.01 ($0.005) from AED 0.03($0.008).
Patrick Allman-Ward, CEO of Dana Gas, commented: “Dana Gas’s H1 results reflect the challenging environment hydrocarbon producers have been facing amid a decline in global oil prices.”
“To counter the downturn in energy prices, the company has strengthened its focus on maintaining production and lowering costs while working with partner governments in Egypt and the[Kurdistan Region of Iraq] KRI to settle outstanding payments,” he underlined.
The CEO said: “As oil prices have turned a corner and started to rise, we are optimistic about the potential positive impact on our company's financial results for the remainder of the year, provided that this upward trend persists.”
During January-March 2023, the ADX-listed firm logged net profits attributable to the equityholders valued at AED 183 million ($50 million), versus AED 198 million ($54 million) in Q1-22.
