Dana Gas, the Middle East’s largest regional private sector natural gas company, has reported a net profit of AED 476 million ($130 million) for the full year 2025 compared to AED 553 million ($151m) in 2024.
According to the company’s preliminary unaudited financial results, full-year revenue reached AED 1.28 billion ($348 million). While this marks a decrease compared to fiscal year (FY) 2024, the previous year’s figures included a one-off $46 million uplift from revised gas pricing under the Consolidated Concession Agreement signed late 2024 in Egypt. The agreement consolidated and amended terms across the company’s gas concessions in Egypt. That deal included a revised gas pricing mechanism.
Excluding this adjustment, the 2025 performance reflects lower realized Brent prices, averaging $69 per barrel versus $81 in 2024.
During the year, Dana Gas drilled four wells and carried out workovers on three others, adding around 30 million cubic feet per day (mmscf/d) of new production and about 36 billion cubic feet (bcf) of reserves. While average Egyptian production declined 23% year-on-year to 12,600 boe/d due to natural field depletion, the company expects its 2026 drilling campaign to stabilize output and restore growth. Seven more wells are planned in Egypt in 2026, with the Daffodil exploration well already spudded in January.
“We made real progress in Egypt. We restarted investment under improved fiscal terms, drilled new wells, made discoveries, and began to stabilize production in assets that had been in natural decline. This was about putting Egypt back on a growth footing, and we are encouraged by the results to date,” said Richard Hall, CEO of Dana Gas.To support this, seven more wells are planned for 2026, with the Daffodil exploration well already spudded in January.
Dana Gas’ average gas production in 2025 stood at 53,500 boe/d, down from 56,500 boe/d in 2024. However, output rose sharply after year-end, reaching 70,000 boe/d in January 2026, the highest level since 2018, following the completion of Iraqi KM250 gas expansion project at Khor Mor gas field at the Kurdistan Region of Iraq (KRI) alongside continued execution of the company’s investment program in Egypt.
In October 2025, the company completed the KM250 gas expansion project at the Khor Mor field in the KRI. The project increased gas processing capacity by 50% to a total of 750 million standard cubic feet per day (mmscf/d). Notably, Dana gas has ramped up over 700 mmscf/d of gas produced from Khor Mor field, contributing an additional 15,000 boe/d to the company’s net production.
The company’s financial position was strengthened by significant collections totaling AED 1.1 billion ($303 million) during the year. In December 2025, it received AED 183 million ($50 million) from the Egyptian government, reducing overdue receivables and supporting ongoing drilling activity.
Total collections from Egypt reached AED 363 million ($99 million) during the year, with outstanding receivables standing at AED 139 million ($38 million) at year-end.
Backed by a strengthening production profile and healthy liquidity, the Board of Directors will consider a dividend recommendation during their upcoming meeting in March 2026.
“2026 will be a year of realization as new production comes fully on stream. This strengthening of production profile, combined with structural demand for gas in both our core markets, gives us clear visibility on growth and cash generation. This will allow the Company’s board of directors to consider a recommendation for a dividend at their next meeting in March,” Hall concluded.
