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    UAE's Dana Gas hikes dividend

Summary

Dana achieved a record net profit of $317mn in 2021.

by: Shardul Sharma

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UAE's Dana Gas hikes dividend

UAE-based gas producer Dana Gas on March 15 said it will hike the dividend by 45% in 2021 as it returned to profit during the year.

The company will pay a cash dividend of 4.5 fils ($0.12)/share for the second half of 2021, to bring the total dividend for the year ended December 31 to 8 fils/share.

For the full year 2021, Dana achieved a record net profit of $317mn as compared with a net loss of $376mn in 2020. On an adjusted basis, it posted a net profit of $128mn when one-off non-cash impairments and other income are excluded.

“Dana Gas achieved record profits and collections over the previous year, through careful management of costs and operations, and against a backdrop of rising energy prices,” Hamid Jafar, chairman of the board of directors, said.

Jafar said that the outlook for 2022 is positive given higher energy prices and the continued focus on the management of operations and growth projects.