Dana Gas, the Middle East’s largest regional private sector natural gas company, has announced its financial results for quarter ended 30 June 2011, with a Net Profit after tax of AED 124 million, a 276% increase compared to the second quarter of 2010.
Q2 results from the UAE-based firm beat a poll of analysts’ expectations for the company, with profit before tax almost quadrupling from AED 33 million dirhams in Q2 2010.
Commenting on the performance, Dana Gas Chief Executive Officer, Mr. Ahmed Al Arbeed, said: “I am very pleased to report that Dana Gas’ Net Profits are up by an impressive 276% compared to the second quarter of 2010. This excellent outcome is driven by the 20% increase in production from Egypt and the Kurdistan Region of Iraq and consequent increase in revenues accompanied by our tight control of costs throughout the organization.”
Results for 3 Months ended 30 June 2011
Revenue from the sale of hydrocarbons increased to AED 627 million, with gross profit reaching AED 341 million. These figures represent increases of 46% and 90% respectively, compared to the same period last year. This is due to strong production growth coupled with higher market prices for oil, condensate and LPG during 2011.
Production increased in aggregate by 20%, from the Company’s operations in Egypt and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase.
Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) increased by 63% to AED 411 million as compared to the second quarter of last year.
Results for 6 Months ended 30 June 2011
The Net Profit for the 6 months ended 30 June 2011 was AED 216 million compared to AED 66 million in the same period last year. The above Net Profit for the six months excludes an unrealized gain of AED 172 million on the Company’s investment in MOL (the Hungarian oil and gas company, one of our partners in the Kurdistan Region of Iraq), booked directly to equity in line with the Company’s published accounting policy.
EBITDAX for the six month period increased to AED 814 million compared to AED 480 million in the same period last year.
Dana Gas Egypt’s operations have continued to deliver strong results producing 4.0 million barrels of oil equivalent during the second quarter, an increase of 6% compared to the same period last year.
