Dana Gas announces a net profit of Dh1.16 billion for the year 2021, mainly due to greater oil rates, improved operational performance, and income, as compared to 2020’s net loss of Dh1.37 billion.
In a statement, the Middle East’s largest regional private sector natural gas company said its revenue increased 30 percent to $452 million (Dh1.65 billion) in 2021 compared to $349 million (Dh1.3 billion) in 2020, supported by higher oil prices and higher production in the Kurdistan Region of Iraq (KRI).
The board of directors of Dana Gas determined in November 2021 to pay a dividend of seven fils per year payable in six monthly installments of 3.5 fils each, thereby increasing Dana Gas’s annual dividend by 27 percent 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.
“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 percent 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,” Dr. Patrick Allman-Ward, CEO of Dana Gas, said.
“We have progressed significantly on our expansion works at the Khor Mor plant. The first KM250 gas train is expected to go on stream as scheduled in the second quarter of 2023. We are also pleased that our KRI operations achieved net carbon neutral status in 2021. This is an important milestone on our journey to reducing the carbon intensity of our operations to provide low-carbon energy for our customers,” he added.
The CEO further notes that the growth was also based on other factors such as the staff’s excellent dedication, hard work, and increased motivation to deliver and ensure the fulfilment of the company’s objectives.
