Dana Gas nine-month net profit declines

Revenues for the same period rose 6% to Dh351m

Dana Gas said yesterday its nine-month net profit fell to Dh149 million from Dh458 million in the same period last year.

However, revenues in the same period rose 6 per cent to Dh351 million. The increase in revenue, driven by higher realised hydrocarbon prices, helped offset production decreases in Egypt and the UAE. Correspondingly, third quarter revenue increased 6 cent to Dh422 million.

However, 2017 net profit included one-off income arising from entitlement adjustments following a settlement with the Kurdistan Regional Government and interest on overdue receivables due from the KRG (Dh62 million).

Third quarter profit

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Excluding these one-off items, net profit was Dh149 million in the nine months of 2018 compared to a net loss of Dh22 million in the same period last year.

The company’s third quarter net profit was Dh61 million against Dh375 million in the same period last year.