Abu Dhabi – Mubasher: Dana Gas posted 12% year-on-year (YoY) lower net profits at AED 586 million ($160 million) in 2023, compared to AED 667 million ($182 million).
The company attributed the decline in profits to lower realised hydrocarbon prices partly offset by a production increase in the Kurdistan Region of Iraq (KRI) and reduced operating costs.
The gross revenues shrank by 20% to AED 1.55 billion ($423 million) last year from AED 1.93 billion ($529 million) in 2022, according to the unaudited financial results.
Basic earnings per share (EPS) hit AED 0.08 ($0.023) in 2023, down YoY from AED 0.09 ($0.026).
Meanwhile, the total assets hiked to AED 10.23 billion ($2.79 billion) as of 31 December 2023 from AED 9.78 billion ($2.66 billion) a year earlier.
Richard Hall, CEO of Dana Gas, commented: “During the last quarter 2023, our financial position saw an improvement in our receivables in the KRI with a new mechanism agreed for direct payment from the power stations as well as a schedule to reduce past receivables, positioning us well for 2024, where enhancing our liquidity and reinstating dividends are key objectives for the company.”
“Looking ahead to 2024, we will continue to work with our government partners in the KRI and Egypt to ensure timely payments of invoices and to achieve another year of successful operations,” Hall noted.
The CEO added: “Our focus remains on developing our world-class assets in the KRI and maximising the value of our Egypt assets, post ratification by the Egyptian Parliament.”
In the January-September 2023 period, the ADX-listed firm posted a 22% YoY drop in net profit to AED 462 million ($126 million), compared to AED 589 million ($161 million).
