Dana Gas records $317 million net profit
- 10 Feb 2022
Dana Gas, the Middle East’s largest regional private sector natural gas company, announced its Preliminary Unaudited Financial Results for the full year ended 31st December 2021.
The company achieved a net profit of $317 million (Dhs1.16 billion) in 2021.
The increase was primarily due to higher oil prices, improved operational performance and income.
Revenue increased 30 per cent to $452 million (Dhs1.65 billion) in 2021 compared to $349 million (Dhs1.3 billion) in 2020, supported by higher oil prices and higher production in the Kurdistan Region of Iraq (KRI).
In light of the Company’s strong financial performance during the year, the Board of Directors of Dana Gas determined in November 2021 to pay a dividend of 7 fils per year payable in six monthly instalments of 3.5 fils each, thereby increasing Dana Gas’s annual dividend by 27 per cent from the previous 5.5 fils. The first interim dividend of 3.5 fils was distributed in January 2022 following shareholders’ approval in December 2021.
Dr Patrick Allman-Ward, CEO of Dana Gas, commented, “We closed the year on a solid financial footing due to a robust operational performance over the last 12 months. We had record gas and LPG production in the KRI in December, achieving a 50 per cent growth in gas production over the past three years and record collections of $377 million, all of which contributed to our record profits of $317 million. This allowed us to make record dividend payments, reflecting the Board’s confidence and optimism about the future of Dana Gas.
“This growth would not have materialised without our staff’s outstanding dedication and hard work who, despite the global COVID-19 pandemic, have worked tirelessly to ensure the Company delivered on its commitments. We have progressed significantly on our expansion works at the Khor Mor plant.”
