Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, announced a net profit of AED 553 million ($151 million) for the full year 2024. The company also reported a 5% increase in revenue to AED 1.63 billion ($445 million), driven by improved fiscal terms under its newly signed Consolidated Concession Agreement in Egypt.
Financial Highlights:
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Revenue Growth: 5% increase to AED 1.63 billion ($445 million) compared to 2023.
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Net Profit: AED 553 million ($151 million), impacted by a one-off impairment charge of AED 121 million ($33 million) in Egypt. Excluding this, net profit stood at AED 674 million ($184 million), a 15% rise.
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Q4 Performance: Revenue surged 64% to AED 583 million ($159 million), with net profit rising 15% to AED 143 million ($39 million).
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Cash Collections: Increased 37% to AED 1.2 billion ($326 million), supporting financial stability.
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Liquidity: Cash balance at year-end stood at AED 1.16 billion ($317 million), with total consolidated debt of AED 934 million ($255 million).
Key Developments:
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Dividend Resumption: Dana Gas is evaluating the resumption of sustainable annual dividends, subject to Board approval.
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KM250 Expansion: Pearl Petroleum resumed construction of the KM250 project, expected to start gas production by Q2 2026, adding 250 MMscf/d processing capacity.
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Egypt Agreement: A new consolidated concession agreement was signed, enhancing fiscal terms and securing a $100 million development program.
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Production Decline: Group production fell 7% to 54,850 boepd, driven by a 25% reduction in Egypt, offset by a 4% increase in the Kurdistan Region of Iraq (KRI).
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Levidian Partnership: Dana Gas partnered with UK-based Levidian to pilot LOOP technology, aiming for near-zero methane emissions by 2030.
CEO Richard Hall expressed confidence in the company’s future, highlighting strategic developments in Egypt and the KRI, and reaffirming its commitment to financial stability and growth. The company continues to strengthen partnerships and drive innovation to support long-term expansion.
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