Dana Gas, the Middle East’s first private sector regional natural gas company, has achieved its first quarter of operating profits, with total revenues for the quarter ended 31st March 2007 rising to AED 202 million from 80 days of gas production operations, resulting in Gross Operating Profit of AED 105 million and Cash flow from Operations of AED 68 million, announced the Company in a statement.
The First Quarter of 2007 saw Dana Gas the completion of the $1.1 billion acquisition of Centurion Energy International in early January, establishing Dana Gas as the 6th largest gas producer in Egypt and launching the company into the exploration and production sector of the Middle East’s natural gas industry. Dana Gas also built upon this position in April last month by signing important gas agreements with the Kurdistan Regional Government of Iraq.
The Long-term Assets of the Company grew by nearly 100% from AED 4.0 billion to AED 7.8 billion during the first quarter of 2007, with Total Assets increasing 28% to AED 8.8 billion and Shareholders Equity rising to AED 6.84 billion. Net profit for the quarter stood at AED 21 million, after one-time transaction fees of approximately AED 20 million and non-cash depreciation charges, including those related to the Centurion acquisition.
“We are pleased with the first operating results of the Company – in just over a year since its formation, Dana Gas has already established itself as an important regional player in the Middle East’s rapidly growing natural gas industry,” said Hamid Dhiya Jafar, Executive Chairman of Dana Gas. “Last year was the foundation year for the Company in which Dana Gas grew its organization, its international office network, and its business development activities in all areas of the gas sector across the Region. This year, 2007, is a year of major investments and expansion of our operations in Egypt, Northern Iraq, the UAE, and elsewhere, in the exploration and production of gas, through its processing and transportation, to its marketing and utilization as a feedstock of value-adding industry. We look forward to continued future growth and expansion in the years ahead.”
Dana Gas recently held its first Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), where all the resolutions and recommendations were approved unanimously by the Company’s shareholders. The shareholders were presented with the Director’s Report, which outlined the major milestones achieved by the company in its first year of establishment, and its growth into an international energy company with the services of over 300 professional staff, offices in Canada, the UK, Egypt, Saudi Arabia, and soon Iraq, and with business activities across the wider Middle East region, including North Africa and South Asia.
(Dana Gas Press Release)