Dana Gas, one of the largest private natural gas companies in the Middle East, reported a first-quarter revenue of Dh447 million ($122 million) as lower oil prices affected earnings.
Net profit attributable to the owners of the company for the three-month period that ended in March stood at Dh183 million, compared with Dh198 million in the corresponding period last year, the Sharjah-based company said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
The effect of lower hydrocarbon prices on the company’s profitability was partially offset by a production increase in Iraq's Kurdistan region and reduced operating costs of 14 per cent, it said.
“Dana Gas has delivered a strong set of financial and operating results despite the downturn in energy prices. We remain financially disciplined and focused on maintaining production and lowering costs, despite the challenging economic situation in the KRI and Egypt,” chief executive Patrick Allman-Ward said.
“Looking ahead, we are focusing our efforts on managing capital expenditure and preserving liquidity, as we continue to focus on recovering our outstanding receivable payments with both the KRG and Egyptian government.”
Last week, oil futures posted a third straight week of losses amid concerns of a recession in the US and signs of weak crude demand in China, the world’s largest energy importer.
Traders are awaiting April’s US consumer price inflation numbers, a key metric, to better understand the Federal Reserve's future monetary policy. The report will be released on Wednesday.
Brent, the benchmark for two thirds of the world’s oil, is currently trading at about $76 a barrel after touching nearly $140 a barrel in 2022, following Russia's invasion of Ukraine.
Dana Gas's realised hydrocarbon prices during the first quarter averaged $59 a barrel for condensate and $39 per barrel of oil equivalent for liquefied petroleum gas, compared with $82 a barrel and $43 per barrel of oil equivalent, respectively in the first three months of 2022.
Production volumes for the first quarter averaged 62,900 barrels of oil equivalent per day (boepd), a 1 per cent annual increase.
While production in Iraq's Kurdistan region increased by 9 per cent to 38,700 boepd, output in Egypt declined by 10 per cent to 24,200 boepd due to natural field declines.
Dana Gas has operated in Egypt through its subsidiary Dana Gas Egypt since 2007 and is focused on producing natural gas and gas liquids, including condensate and liquefied petroleum gas.
“Our target date for completion of the KM250 gas expansion project is April 2024 and we are hopeful our Egypt consolidation agreement will be finalised soon,” Mr Allman-Ward said.
The Dana group’s cash and bank balance at the end of the reporting period stood at Dh542 million, including Dh374 million held at the Pearl Petroleum joint venture.
The company collected Dh231 million during the quarter, with Egypt and Iraq's Kurdistan region contributing Dh55 million and Dh176 million, respectively.
Receivables in Iraq's Kurdistan region and Egypt stood at Dh293 million and Dh128 million, respectively, at the end of the first quarter.
In April, shareholders of the company approved a dividend of 4.5 fils per share for the second half of 2022, bringing the total dividend for the year to 9 fils per share or Dh630 million, a 12.5 per cent annual increase.
Dana Gas approved a proposal in January to raise the foreign ownership of its shares to 100 per cent.
MATCH INFO
Uefa Champions League, last 16, first leg
Tottenham Hotspur v Borussia Dortmund, midnight (Thursday), BeIN Sports
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
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MEDIEVIL%20(1998)
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CONFIRMED%20LINE-UP
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Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%20turbo%204-cylinder%20%2F%202.0%20turbo%204-cylinder%20(S3)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20148bhp%20%2F%20328bhp%20(S3)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20250Nm%20%2F%20420Nm%20(S3)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20December%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20TBA%0D%3C%2Fp%3E%0A
SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3ESingle%20front-axle%20electric%20motor%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E218hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E330Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%3Cbr%3E%3Cstrong%3EMax%20touring%20range%3A%20%3C%2Fstrong%3E402km%20(claimed)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh215%2C000%20(estimate)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ESeptember%3C%2Fp%3E%0A
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The%20Mother%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
Global state-owned investor ranking by size
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UAE
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Japan
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Norway
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more from Janine di Giovanni
The major Hashd factions linked to Iran:
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
BELGIUM%20SQUAD
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