Dana Gas Reports Strong Profit Growth for First Half of 2012

Dana Gas Reports Strong Profit Growth for First Half of 2012

Results for six months ended 30 June 2012
• Gross profit of AED 767 million, up 13% year-on-year
• Net profit of AED 387 million, up 79% year-on-year
• Group Production at 60,950 boepd

30 June 2012 (AED M) 30 June 2011 (AED M) Increase %
Gross revenue 1,254 1,243 1
Gross profit 767 678 13
Net profit 387 216 79
Production (boepd) 60,950 65,600 (7%)

Dana Gas PJSC the Middle East’s largest regional private sector natural gas company, announces its financial results for the six months ended 30 June 2012 with a net profit after tax of AED 387 million, an increase of 79% as compared to AED 216 million in H1 2011.

Revenue from the sale of hydrocarbons increased to AED 1,254 million, with gross profit reaching AED 767 million. These figures represent increases of 1% and 13% respectively, compared to the same period last year. This is due to production growth in Kurdistan Region of Iraq (KRI) coupled with higher market prices for oil,condensate and LPG during the first six months of 2012.

The above net profit excludes an unrealised loss of AED 19 million on Dana Gas’ 3% shareholding in MOL, the Hungarian-listed oil and gas company and a strategic partner in Dana Gas’ Kurdistan operations. This loss is booked directly to equity in line with the Company’s published accounting policy, resulting in Total Comprehensive Income of AED 368 million.

Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) was AED 822 million compared to AED 814 million in the same period last year.

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