The Board of Directors of the UAE company, Dana Gas, approved the distribution of interim cash dividends of 315 million dirhams (4.5 fils per share), for the first half of 2022, and these profits will be paid to shareholders by October 21, 2022.
According to Arab Net, the company stated in a statement 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.
The company had previously announced its financial results for the first half of 2022, where it achieved a net profit of 407 million dirhams ($ 111 million) during the first six months of the year, an increase of 82% compared to the adjusted net profit for the first half of 2021.
The net profit of Dana Gas at the end of the first half of this year decreased by 20% on an annual basis, to $ 111 million.
However, if the impairment provisions that were reversed in the first half of 2021 are excluded, the net profit for the first half of this year would have increased by 82%.
The company's revenues in the first half grew by 31% on an annual basis, to $ 284 million, while operating costs decreased by 16%.
Dana Gas explained that the combined production declined by 5% in the first half due to a 9% drop in production in Egypt, as a result of the natural decline in the production of operating fields.
