Abu Dhabi – Mubasher: Dana Gas on Sunday reported turning a profit in 2017 with AED 305 million ($83 million) after taxes against AED 323 million in losses ($88 million) in 2016.
Moreover, full-year gross revenues grew 15% to AED 1.649 billion from AED 1.437 billion in 2016.
Dana Gas attributed the revenue rise to improved production from its operations in Egypt and the Kurdistan Region of Iraq, according to a filing to the Abu Dhabi Securities Exchange (ADX).
Dana Gas’ average production in 2017 reached 67,600 barrels of oil equivalent per day (boepd), registering a rise of 1% from 67,050 boepd recorded in 2016.
Moreover, realised prices for liquids increased 21% in 2017, contributing a gain of AED 179 million ($49 million), while production also grew adding a further AED 33 million ($9 million) to the topline.
Dana Gas further revealed that its total assets had increased slightly to AED 13.864 billion ($3.78 billion) in 2017 from AED 13.800 billion ($3.765 billion) in 2016.
“Shareholders’ equity continues to be strong at AED 10.5 billion ($2.9 billion),” the company stated.
As for the fourth quarter of 2017, the Abu Dhabi-listed gas company said it trimmed its losses by 63% to AED 153 million from AED 418 million in Q4-16.
Losses per share (LPS) fell to 2.2 fils per share in Q4-17 from 6 fils in the year-ago period.
Dana Gas had previously logged a 700% year-on-year surge in net profits to AED 375 million in Q3-17 from AED 47 million.
