Dana Gas reports net profit of $317 million (AED1.16 billion)

Dana Gas PJSC today announced its Preliminary Unaudited Financial Results for the full year ended 31 December 2021. The Company achieved a Net Profit of $317 million (AED 1,163mm) in 2021 as compared to a Net Loss of $376 million (AED 1,378mm) in 2020. The increase was primarily due to higher oil prices, improved operational performance and Other Income.

Other Income included $608 million (AED2,228mm) relating to amounts due following an arbitration award. This was partially offset by impairments of $451 million (AED 1,652mm) related to UAE Gas assets and Goodwill.

Adjusted Net Profit for the year, excluding the other income and impairments was $128 million (AED 469mm) versus 2020 Adjusted Net Profit of $36 million (AED 131 mm), an increase of 256%, reflecting robust underlying operating performance.

Revenue increased 30% to $452 million (AED 1,657mm) in 2021 compared to $349 million (AED 1,297mm) in 2020, supported by higher oil prices and higher production in 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% 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.

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