Media ININ Economy We Trust
Media IN/Abu-dhabi/ 6th May, 2019 (WAM)
Today Dana Gas announced its financial results for the first quarter ended 31st March 2019, declaring that net profit was up 150% in Q1 2019, reaching $35 million (AED128 million) as compared to $14 million (AED51 million) in Q1 2018.
The higher net profit was principally due to an increase in Kurdistan Region of Iraq, KRI, production which added $14 million.
In addition, a saving of $10 million of Sukuk profit payments was recognised during the quarter following the successful Sukuk restructuring and buyback programme.
Revenue remained flat at $119 million (AED436 million) as compared to $120 million (AED440 million) in Q1 2018.
In his remarks, the CEO of Dana Gas, said, “We have started the year as we left off in 2018 with a strong operational focus and good financial results. Our revenues and cash-flow are robust and we more than doubled our net profit to $35 million this quarter. Operationally, we have signed a 20-year gas sales agreement with the KRI which enables us to go-ahead with our expansion plans to increase our production from the current 400 to 650 MMscf/d by 2021.
“In Egypt, we are moving ahead with plans to spud the high-impact, offshore Merak well, which holds a potential 4 to 6 Tcf of gas and if successful will be a ‘game-changer’ for the Company,” the CEO of Dana Gas added.
