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The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, said Q3 2023 net profit attributable to shareholders fell 21% year-on-year (YoY) to 158 million dirhams ($43 million) due to lower prices for hydrocarbons.
Realised gas prices averaged $45 per barrel for condensate and $39 per barrel of oil equivalent (boe) for liquid petroleum gas compared with $81/bbl and $39/boe in Q3 of 2022.
Revenue for the quarter decreased 21% to AED 381 million, Dana Gas said in a statement on the Abu Dhabi Securities Exchange on Wednesday.
For the nine-month period ended September 30, Dana Gas made a net profit of AED 462 million
The group’s production in Q3 was unchanged YoY at 5.5 million boe.
(Writing by Brinda Darasha; editing by Seban Scaria)
