Dana Gas's profits recorded a 41 percent rise to $ 24 million in the first quarter of 2021, compared to $ 17 million in the same period from 2020.
According to Arab Net, this rise, comes with the improvement of revenues as a result of the rise in production in the Kurdistan region of Iraq, and lower funding costs by decline in the company's debt in the first quarter of 2021 compared to the first quarter of 2020.
The company's revenues amounted to $ 106 million (389 million dirhams), an increase of 2% of the first quarter revenue from 2020, at the time of $ 104 million (AED 382 million). This improvement is mainly due to the high production of the company by 9% in the Kurdistan region of Iraq.
The average selling rates for a barrel of capacitors and 33 dollars for liquefied oil oil barrel compared to $ 41 and $ 30, respectively in the first quarter of 2020.
The average producer of the group in the first quarter of 2021 rose 2% to 64,900 barrels per day equivalent from 63,650 barrels for the same period from 2020.
The increase comes as a result of the company's production in the Kurdistan region of Iraq by 9%. The expansion of Khormor station, which was completed in July last year had a positive impact on the company's production in the fourth quarter of 2020 and the first quarter of this year, in which the company's production rose In the Kurdistan region of Iraq from 32,400 to 35,300 barrels of EQ oil per day. Although production fell in Egypt by 5% to 29,050 barrels of equivalent oil, the company's production in the region has been repaid, according to Gulf newspaper.
Liquidity
The shareholders agreed at its General Assembly meeting on 28 April 2021, on the distribution of cash dividend for the fourth consecutive year by 5.5 fils per share and will be paid in May.
