Dana Gas profits will drop 42% in 2022

The UAE company Dana Gas recorded a 42% decrease in its net profit, to reach 667 million dirhams ($182 million) in 2022, compared to 1.16 billion dirhams ($317 million) in 2021.

According to the Dana Gas statement on the Abu Dhabi Financial Market, the company recorded, before calculating other sources of income and provisions, an adjusted net profit of 718 million dirhams ($196 million), compared to 469 million dirhams ($128 million) during the year 2021, an increase of 53%.

The company attributed this growth to the rise in oil and gas prices and its continued commitment to reducing costs.

The company's revenue increased by 17% to 1.94 billion dirhams ($529 million), compared to 1.66 billion dirhams ($452 million) 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.

Operational costs decreased by 5% to 209 million dirhams ($57 million) in 2022, compared to 220 million dirhams ($60 million) in 2021.

During the year 2022, Dana Gas recorded an increase in the rate of production in the Kurdistan region of Iraq by 1%, to reach 34.3 thousand barrels of oil equivalent per day. Following the implementation of the bottleneck removal project at the Khormor Gas Treatment Plant in the Kurdistan Region of Iraq, the station's production capacity increased by 50 million standard cubic feet per day to reach 500 million standard cubic feet per day.

The company's total production in the Kurdistan region of Iraq reached a record level of half a billion cubic feet on January 14 for the first time in history, which will reflect positively on its production rates and revenues during 2023.

The group’s total production decreased by 3% to reach 60.2 thousand barrels of oil equivalent per day during 2022, compared to about 62.1 thousand barrels of oil equivalent per day in 2021, and the decline is due to the decrease in the production rate in Egypt by 8% to 25.9 thousand barrels of oil equivalent per day due to the natural decline. in producing working fields.