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The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, said Q3 2024 net profit fell 7% year-on-year (YoY) to $40 million mainly on lower realised hydrocarbon prices and lower production in Egypt.
The effort beat analysts’ mean estimate of $32.5 million, according to LSEG data.
Gross revenue for the quarter was $96 million versus $104 million in the year-ago period.
Realised prices in the quarter averaged $44 per barrel for condensate and $34 per barrel of oil equivalent (boe) for liquid petroleum gas (LPG) compared with $45/bbl and $34/boe Q3 2023.
Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and the UAE.
Group production fell 7% to 55,300 boe per day, with Egypt declining by 24%, slightly offset by 2% increase in production in KRI.
(Reporting by Brinda Darasha; editing by Seban Scaria)
