In its quarterly report, Dana Gas, the Middle East’s largest natural gas company, announced that its net profit increased by 125% in Q1 2022, reaching $54 million (AED 198 million) or 2.8 fils per share, compared to $24 million (AED 88 million) or 1.26 fils per share in Q1 2021, which reflects strong business performance.

Revenue recorded $140 million, which is 32% higher compared to $106 million a year earlier. The revenues and profit grew due to higher hydrocarbon prices and Dana Gas’ successful efforts to manage costs. Dana Gas’ EBITDA increased 62% in Q1 2022 to $81 million.

The company’s realized prices during the period averaged $82 per barrel for condensate and $43 per barrel of oil equivalent (boe) for liquified petroleum gas (LPG) compared to $44 per barrel and $33 per boe respectively in Q1 2021.

The Group’s total production slightly decreased to 62,400 boe per day (boe/d) in Q1 2022, compared to 64,900 boe/d in the same period of 2021. Production output in the Kurdistan Region of Iraq (KRI) remained similar year-on-year, with production averaging 35,400 boe/d in Q1 2022 versus 35,300 in Q1 2021. Meanwhile, Egypt’s production dropped by 7% to 27,000 boe/d as a result of natural field depletion.

Despite the production decrease, the company’s receivables in KRI stand at $59 million versus $48 million in Q1 2022, while witnessing a significant improvement in Egypt at $31million at the end of Q1 2022, compared to $131 million in Q1 2021.

“The next phase of development is expected to contribute an additional 25% to our total production capacity by Q2 2023 and will positively impact our top and bottom lines and support future dividend payments. The outlook for the remainder of 2022 is particularly encouraging, as energy prices and demand remain strong due to the prevalent global economic challenges.” Patrick Allman-Ward, CEO of Dana Gas, commented.