Dana Gas records Dhs528m profit

15/02/2016 06:03 AST

Dana Gas on Sunday reported its preliminary unaudited financial results for the year ended 31 December 2015.

The Company’s full year net profit increased 15 per cent to $144 million (Dhs528 million), compared to $125 million (Dhs457 million) in 2014. The Company reported Gross Revenues and Gross Profit of $417 million (Dhs1.5 billion) and $126 million (Dhs463 million) respectively, down from $683 million (Dhs2.5 billion) and $303 million (Dhs1.1 billion) for the full year 2014. The Company’s year-end cash and bank balance stood at $470 million (Dhs1.7 billion), up from $184 million (Dhs674 million) at end 2014.

The key contributor to this increase was the cash received from RWE in November in consideration of the agreed settlement of the arbitration and sale of 5% interest in Pearl Petroleum Company Limited (PPCL or the Consortium). This offset a declining cash position caused by continued deficient payments from Kurdistan in combination with ongoing overhead costs and investment requirements in Egypt and the UAE.

Dr Patrick Allman-Ward, Dana Gas CEO commented: “Despite the challenging business environment with the fall in oil prices, Dana Gas is pleased to report healthy financial results including higher net profit, a significantly improved reserves position and positive outcomes in our arbitration cases. We have made solid progress in further cutting costs, increasing operational efficiencies and bringing on-stream new fields in the UAE and Egypt, and have strengthened our management team during the course of the year with the appointment of a new Technical Director and Chief Financial Officer.

The Gulf Today