Dana Gas Reports H1 Profit Jump
Middle East and north Africa-focused Dana Gas August 7 said its net profit for the six months to June (H1 2019) jumped 483% year on year to $140mn. The surge was mainly due to the recognition at fair value of certain reserve based earn out entitlements amounting to $71mn.
Excluding the reserve based earn outs of $71mn, net profit from core operations increased by 187% to $69mn. This was mainly caused by higher Kurdish production post debottlenecking which added $20mn, it said.
Revenue during H1 2019 advanced 3% year on year to $242mn as increased production in the Kurdistan added $27mn to the topline which was partially offset by $15mn in reduced revenue, as prices dipped. Output in Egypt was 4% lower, at 34,100 boe/d, which wiped off another $5mn, Dana Gas said.
Average production in H1 was 68,200 boe/d, a 7% increase on H1 2018. Output in Kurdistan was up significantly to 32,400 boe/d in H1 2019 compared with 26,100 boe/d in H1 2018.