Dana Gas reports $111 M net profit in H1 2022, driven by strong operational performance in Kurdistan
ERBIL (Kurdistan 24) - Dana Gas, the Middle East’s largest regional private sector natural gas company, on Thursday announced its financial results for the half year ended 30 June 2022.
“In the first six months of the year, the Company generated a net profit of $111 M, an 82% increase compared to a net profit of $61 M in H 1 2021,” read Dana Gas Report. “The gains in Dana Gas’s profitability in the first half were driven by elevated hydrocarbon prices, the Company’s continued commitment to maintaining a low-cost base, and strong operational performance in the Kurdistan Region of Iraq (KRI).”
Dana Gas stated that the Company’s current operations in the Kurdistan Region have continued uninterrupted despite the challenging security situation, revealing that production from the Kurdistan Region increased by 1% in the first half, and the Khor Mor 250 expansion project has progressed well.
“Dana Gas delivered strong half-year results, supported by our robust operational performance, low-cost base, and favorable energy market conditions,” Dr. Patrick Allman-Ward, CEO of Dana Gas, commented. “Despite an increased uncertainty around the global economy amid high inflation, the outlook for the remainder of 2022 is still encouraging with both energy prices and demand remaining high.”
The report pointed out that “the company and its partners are working closely with the KRG (Kurdistan Regional Government) to address all concerns and all parties remain committed to implementing the expansion project and resume construction activities as soon as possible.”
“The Group collected a total of $180 M during the H1 2022, with the KRI (Kurdistan Region of Iraq) and Egypt contributing $135 M and $45 M respectively,” the report added.