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    Dana Gas Reports H1 Profit Jump


Net profit increased 483% year on year.

by: Shardul Sharma

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Natural Gas & LNG News, Africa, Middle East, Security of Supply, Corporate, Exploration & Production, Financials, News By Country, Egypt, Iraqi Kurdistan

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.