Abu Dhabi – Mubasher: Dana Gas has reported an increase in net profit during the first six months of 2018, recording AED 88 million ($24 million).
“We have delivered a strong financial performance with profits up to $24 million and up to $50 million excluding one-off Sukuk costs, a 117% increase,” Dana Gas’ CEO Patrick Allman-Ward commented.
Dana’s financial position and ability to fund future dividends will be improved on the back of a reduction in the sukuk profit rate, he added.
Revenue rose 6% year-on-year to AED 865 million in H1-18, while cash increased to AED 2.25 billion in the same period, the Abu Dhabi-listed energy giant said.
“Group average production in H1 2018 was 63,600 barrels of oil equivalent per day (boepd), down 6% from 67,550 boepd in H1 2017, due to lower output from Egypt and the UAE,” Dana added.
The company’s net profit declined to AED 37 million in the second quarter of the year on the back of the sukuk restructuring, according to a bourse statement.
