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UAE: Dana Gas Revenues Soar 41 Percent in Q1, Net Profit to $24 Million
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Sharjah: Dana Gas, the Middle East’s largest private sector natural gas company reported a net profit of $24 million (Dh88 million), up 41 per cent in Q1 2021 compared to $17 million (Dh62 million)in Q1 2020.
The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), and a reduction in finance cost due to lower borrowings in Q1 2021 as compared to Q1 2020.
Revenue was $106 million, 2 per cent higher compared to $104 million in Q1 2020. The improved performance was mainly due to a 9 per cent production increase in the KRI.
Realised price averaged $44/bbl for condensate and $33/boe for LPG compared to $41/bbl and $30/boe respectively in Q1 2020.
Dana Gas posts 41% surge in Q1 net profit to $24m
SHARJAH, 3 hours, 33 minutes ago Dana Gas, a leading private sector natural gas company, said its net profit was up 41% in the first quarter (Q1) of 2021 reaching $24 million (AED 88 million) as compared to $17 million (AED62 million) in Q1 2020. The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq(KRI), and a reduction in finance cost due to lower borrowings in Q1 2021 as compared to Q1 2020. Revenue was $106 million (AED 389 million), 2% higher compared to $104 million (AED 382 million) in Q1 2020. The improved performance was mainly due to a 9% production increase in the KRI. Realised price averaged $44/bbl for condensate and $33/boe for LPG compared to $41/bbl and $30/boe respectively in Q1 2020.
Dana Gas reports 41% increase in net profit in Q1 to $24 million
09 May 2021 The firm has announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq. Dana Gas, the Middle East’s largest private sector natural gas company, on Sunday announced its financial results for the first quarter ended March 31, 2021.
Net profit was up 41 per cent in Q1 2021 reaching $24 million (Dhs88 million) as compared to $17 million (Dhs62 million) in Q1 2020. The increase in net profit was the result of improved revenues from higher production in the Kurdistan Region of Iraq (KRI), and a reduction in finance cost due to lower borrowings in Q1, 2021 as compared to Q1 2020.
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