Abu Dhabi – Mubasher: Dana Gas registered $112 million (AED 410 million) in net profit during the first nine months (9M) of 2024, compared to $126 million (AED 462 million) in the year-ago period.
The profits plummeted due to lower realised prices and production decline in Egypt, according to the financial results.
Gross revenues hit $286 million (AED 1.04 billion) in 9M-24, down year-on-year (YoY) from $326 million (AED 1.19 billion).
Basic and diluted earnings per share (EPS) dropped to $0.016 (AED 0.058) as of 30 September 2024 from $0.018 (AED 0.066) in 9M-23.
Financials for Q3
In the third quarter (Q3) of 2024, Dana Gas logged net profits valued at $40 million (AED 147 million), lower than $43 million (AED 158 million) in Q3-23.
Revenues fell to $96 million (AED 352 million) in Q3-24 from $104 million (AED 381 million) in Q3-23, while the EPS maintained its value at $0.006.
Richard Hall, CEO of Dana Gas, said: “Our strong financial performance in 2024 demonstrates our operational excellence and resilience in a challenging environment of lower realised prices as well as a production decline in Egypt.”
“Looking ahead, we are working diligently towards resuming full construction activities on our KM250 project, and our focus remains firmly on delivering the first commercial gas by Q2-26,” Hall added.
The CEO noted: “As one of the earliest UAE investors in Egypt, Dana Gas has contributed over $2 billion to the country’s energy sector since 2007. We look forward to continuing this contribution and playing a key role in advancing Egypt’s energy security.”
In the first half (H1) of 2024, the company's net profits hit $72 million (AED 263 million), an annual drop from $83 million (AED 304 million).
