Abu Dhabi – Mubasher: Dana Gas posted a rise in its profits by 81.8% year-on-year in the first quarter of 2017, according to a bourse filing.
Profits reached AED 40 million ($10.9 million) in Q1-17, compared to AED 22 million ($6 million) in Q1-16.
Revenues rose 43.5% to AED 432 million in the first three months of 2017, compared to AED 301 million in the same period of 2016.
Operating expenses fell 22.9% to AED 37 million in Q1-17, compared to AED 48 million in Q1-16.
“Our solid financial results are testament to our ongoing efforts at maximising production while reducing costs. Group production was up for the second consecutive quarter, despite significantly reduced operating and capital expenditure,” according to CEO Patrick Allman-Ward.
The growth of Q1-17 profits is mainly attributed to increased production, principally in Egypt, and higher realised prices. Overall production rose 16% year-on-year to 69,900 barrels of oil equivalent per day (boepd) in Q1-17.
“Whilst we focus on short- to medium-term cash preservation, we remain excited about the potential for medium-term growth opportunities in Egypt and the development of our world class assets in Kurdistan over the medium- to long-term,” Allman-Ward said.
“The company needs time to realise this value, as well as collect on the circa $1 billion owed by the KRG and Egypt, for the benefit of all its stakeholders,” the CEO noted.
