Dana Gas PJSC announce financial results for first quarter ended 31 March 2021
Net Profit was up 41% in Q1 2021 reaching $24 million (AED 88mm) as compared to $17 million (AED62 mm) in Q1 2020. The increase in Net Profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), and a reduction in finance cost due to lower borrowings in Q1 2021 as compared to Q1 2020.
Revenue was $106 million (AED 389mm), 2% higher compared to $104 million (AED 382mm) in Q1 2020. The improved performance was mainly due to a 9% production increase in the KRI. Realised price averaged $44/bbl for condensate and $33/boe for LPG compared to $41/bbl and $30/boe respectively in Q1 2020.
Highlights
Revenues up at $106mm (AED 389mm) based on a 9% increase in KRI production
Group production reaches 64,900 boepd
Full resumption of the expansion project at the Khor Mor field in KRI; investment by Pearl of $600 million to boost local gas production by almost 60% within 2 years
Cash of $149 million (AED 546 mm)
Cash dividend of $105 million (5.5%) approved by shareholders to be paid out by the 28th of May
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