PHOTO
The UAE-based Dana Gas PJSC, the largest private sector natural gas company in the region, said Q2 2024 net profit edged higher to $34 million, from $33 million in the year-ago period, mainly on improved gross profit margins that helped set off a drop in revenue.
The net profit was mostly in line with analysts’ mean estimate of $33.88 million, according to LSEG data.
Gross revenue for the period came to $93 million, down 7% in the year-ago period, mainly on lower realised hydrocarbon prices in the Kurdistan Region of Iraq (KRI), and as production declined by 24% in Egypt.
Realised prices averaged $45 per barrel for condensate and $33 per barrel of oil equivalent (boe) for liquid petroleum gas (LPG) compared with $53/bbl and $42/boe in Q2 2023, the company said.
Richard Hall, CEO of Dana Gas, said due to a newly set up payment mechanism with the local government, "we have seen significant improvements in our receivables in the KRI, receiving regular payments since November 2023 and effectively reducing past receivables."
He said the company was optimistic about the remainder of 2024 and looked forward to "resuming dividend payments as soon as feasible".
(Reporting by Brinda Darasha; editing by Seban Scaria)
