The UAE company, Dana Gas, recorded a 64.6% decline in net profits for the third quarter of 2022, to reach about $50 million (182 million dirhams) compared to $140 million (514 million dirhams) in the same quarter of 2021.
And according to Arab Net, the company said in a statement that, excluding other income and one-time decreases in value in the third quarter of 2021, net profit for the third quarter of 2022 increased by 35% compared to the adjusted net profit of $37 million (135 million dirhams). in the third quarter of 2021.
The group achieved a net profit of about 161 million dollars (589 million dirhams) in the first nine months of 2022, compared to a net profit of about 279 million dollars (1.025 billion dirhams) in the corresponding period of 2021, a decline of 42%.
It is worth noting that the Board of Directors of Dana Gas decided earlier to distribute interim cash dividends to shareholders of 315 million dirhams, equivalent to 4.5 fils per share, for the first half of 2022, to be paid to shareholders by October 21, 2022.
The company stated that the interim dividends increased by 5%, while the annual return on dividends amounted to 7%.
Hamid Jaafar, Chairman of the Board of Directors of Dana Gas, said: “The continuation and increase in dividends is a clear evidence of our continued confidence in the company’s business, and its distinguished operational and financial performance. During the first half, we witnessed an increase in our cash flows as a result of the rise in energy prices, and the stability in production rates as well as We focused on controlling costs, which enabled us to increase the interim cash dividends provided to our shareholders.
