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The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, said its full year 2023 net profit fell 12% year-on-year (YoY) to $160 mainly on lower realised hydrocarbon prices.
The net profit came in line with analysts’ mean estimate of $161 million, according to LSEG data.
Realised prices in 2023 averaged $51 per barrel for condensate and $39 per barrel of oil equivalent (boe) for liquid petroleum gas (LPG) compared with $79/bbl and $42/boe in 2022, the company said.
Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and the UAE.
Revenue fell 20% to $423 million in 2023 compared to $529 million in 2022, the gas producer said in a statement on the Abu Dhabi Securities Exchange on Thursday.
Operational costs decreased by 7% to $53 million in 2023 compared to $57 million in 2022, due to "prudent cost controls".
Production rose 8% to 36,900 boe per day in KRI reducing operating costs. However, average group production declined 2% YoY to 58,700 boepd due to a 16% reduction in Egypt to 21,800 boepd, due to natural field declines.
Richard Hall, who took over as CEO of Dana Gas in September 2023, said the company's financial position saw an improvement in receivables in the KRI.
As of 31 December 2023, Dana’s share of KRI receivables stood at $103 million and its Egypt receivables stood at $48 million.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
