Dana Gas PJSC announce financial results for first quarter ended 31 March 2021

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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