Dana Gas, the Middle East’s largest regional private sector natural gas company, has posted net profit increase of 64% to $161 million compared to the same period last year.
The gains in Dana Gas’s profitability in the first nine months of the year were driven by higher realised prices, prudent cost control and strong operational performance in the Kurdistan Region of Iraq (KRI).
In the first nine months, production in the KRI increased 1% and at the beginning of the fourth quarter, production capacity increased at the Khor Mor Gas Plant by 50 MMScfd to 500 MMScfd following the successful completion of further plant de-bottlenecking enhancements.
The company’s nine-month revenues increased 24% year on year to AED1.52 billion compared to AED1.22 billion in 9M 2021 while operating costs declined by 7%.
