Dana Gas, headquartered in the UAE and recognised as the largest private natural gas entity in the region, reported a 15% year-on-year (YoY) increase in net profit for Q4 2024, amounting to AED 143 million (USD 39 million). The rise was attributed to enhanced revenue and reduced financing costs. The company also indicated plans to reinstate dividend payments.
Quarterly revenue surged by 64% YoY to AED 583 million, primarily due to recognising additional revenue from a recently signed consolidated concession agreement in Egypt, according to the Abu Dhabi Securities Exchange (ADX)-listed firm.
For the full year 2024, net profit declined by 5% to AED 553 million. The decrease was largely due to a one-off impairment charge of AED 121 million in Egypt, linked to historical expenses from previous concessions.
Total revenue for 2024 rose by 5%, reaching AED 1.63 billion, up from AED 1.55 billion in 2023.
Average production for the group dropped to 54,850 barrels of oil equivalent per day (boepd) in 2024, reflecting a 7% decline from 58,700 boepd in 2023. This was primarily caused by a 25% decrease in Egyptian production to 16,450 boepd due to natural declines in field output.
CEO Richard Hall stated, “Looking forward, we are confident about our prospects and are exploring the resumption of consistent dividend distributions for our shareholders.”
In March 2024, the board had advised against paying dividends for the 2023 financial year.
