Abu Dhabi – Mubasher: Dana Gas posted a 71% year-on-year surge in profits for the second quarter of 2017, compared to the year-ago period.
The Abu Dhabi-listed company achieved net profit after tax of $12 million (AED 43 million) in Q2-17, a rise from $7 million (AED 26 million) in Q2-16, according to a bourse filing on Tuesday
Gross revenues increased by 8% to AED 382 million in Q2-17 from AED 351 million in the same period the year before.
In the first half of 2017, the Emirati gas firm’s profits rose 77% to $23 million (AED 83 million), versus $13 million (AED 48 million) in H1-16.
Gross revenues grew to $222 million (AED 814 million) in the first six months of the year, from $178 million (AED 625 million) in the year-ago period on the back of increased production in Egypt and higher realised hydrocarbon prices during the period.
Dana Gas has collected a total of $198 million (AED 726 million) during H1-17, with Egypt, the Kurdistan Region of Iraq (KRI) and the UAE contributing AED 495 million, AED 202 million and AED 29 million, respectively.
Dana Gas previously logged an 81.8% year-on-year leap in profits to AED 40 million in Q1-17.
