Dana Gas $121m net profit for 9 months to Sept

Third quarter net profit reaches $28m

NEWS, Projects, Dana Gas, Profit

Dana Gas, the Middle East’s largest regional private sector natural gas company, posted a AED$121m net profit for the nine months of this year to 30 September.

The firm also annouced that it made a AED102m ($28m) net profit for the third quarter.

Gross revenue for the third quarter was significantly higher at AED 623m ($170m), an increase of 21% on Q3 2012, Dana Gas said in a bourse statement.

Earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) was AED340m ($93m) which was considerably higher by AED23m ($6m) than in Q3 2012.

Net profit remained flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt. Accordingly, the Group posting a net profit of AED102m ($28m) in Q3 2013 compared to AED104
m ($29m) in Q3 2012.

For the nine months ended September 2013 also, the firm posted gross revenues and net profit of AED1.708bn ($466m) and AED443  (US$121m) respectively.

In comparison, the firm recorded figures of AED1.766bn ($482m) and AED 491m ($134m) respectively in nine months 2012. This reduction in nine-months profit was due to lower realised hydrocarbon prices, suspension of LPG production since mid-2012 and a one-off higher cost of sales in 2Q 2013 in the Kurdistan Region of Iraq, Dana Gas said.

Consequently, the nine months 2013 EBITDAX was AED956m ($261m), down from AED1.139bn ($311m) in the nine months ended September 2012.


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