Sharjah-based Dana Gas has announced an increase of 46 per cent in its Q2 2012 profit when compared to results for the same period last year
The Abu Dhabi-listed company, which has operations in the UAE,
The company posted a net profit after tax of US$105mn in its financial results for the six months ended 30 June 2012, an increase of 79 per cent when compared to the US$58mn it posted in H1 2011.
Revenue from the sale of hydrocarbons increased to US$341mn, with gross profit reaching US$209mn. These figures represent increases of one per cent and 13 per cent respectively, compared to the same period last year. This was chiefly due to production growth in Kurdistan Region of Iraq (KRI) coupled with higher market prices for oil, condensate and LPG during the first six months of 2012, the company said.
Dr Adel Al Sabeeh, chairman of Dana Gas, said, “We have achieved our revenue estimates for the first half and posted strong net profit figures. Our revenue collections were in line with expectation and we continue to have constructive discussions with both the Government of Egypt and Kurdistan Region of Iraq on payment of the company’s receivables.
“Overall this has been a reasonable six months financially and we look forward to the rest of the year with renewed confidence.”
