The share of Dana Gas rose during trading today, Tuesday, coinciding with the Board of Directors’ recommendation to distribute cash dividends of 4.5 fils per share for the second half of 2022.

And by 11:19 am UAE time, Dana Gas share jumped by 5.09 percent, to a price of 0.8 dirhams, after recording a trading volume of about 16.23 million shares, at a value of 13.010 million dirhams.

The company's board of directors, meeting yesterday, Monday, recommended distributing cash dividends to shareholders at a rate of 4.5% of the capital, equivalent to 4.5 fils per share, for the second half of 2022.

The company distributed interim cash dividends to shareholders in the amount of 315 million dirhams, equivalent to 4.5 fils per share, for the first half of 2022.

Dana Gas announced a decline in net profits to 667 million dirhams by the end of 2022, compared to 1.16 billion dirhams in 2021.

Dana Gas, before accounting for other sources of income and provisions, recorded an adjusted net profit of 718 million dirhams, compared to 469 million dirhams in 2021, an increase of 53%.

This strong year-on-year profit growth was driven by higher oil and gas prices and the company's continued commitment to cost cutting.

The company's revenue increased by 17% to 1.94 billion dirhams, compared to 1.66 billion dirhams in 2021.

This is due to the high prices achieved for the sale of products, which was accompanied by an increase in the company's production rates in the Kurdistan region of Iraq.