Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Dana Gas production, revenues & profits increase in Q1  Join our daily free Newsletter

MENAFN Press - 13/05/2010

No. of Ratings : 1
Add to Mixx!


 


(MENAFN Press) Dana Gas PJSC, the Middle Easts largest regional private sector natural gas company, has announced its financial results for the quarter ending 31st March 2010.

Revenue from the sale of hydrocarbons increased to AED 411 million, with gross profit reaching AED 162 million. These figures represent increases of 66% and 138% respectively, compared to the same period last year. This is due to very strong production growth, amounting in aggregate to 36%, from the Companys operations in Egypt, where nine fields are now producing, and in Iraq where production from the Khor Mor field continues to increase compared to 1Q 2009. It is also due to higher market prices for oil, condensate and LPG during 2010.

Earnings before interest, tax, depreciation, amortization and exploration (EBITDAX) increased by just over 100% to AED 228 million as compared to the first quarter of last year. The Company made a Net Profit after tax of AED 33 million in the first quarter compared to a loss of AED 32 million in the first quarter of 2009.

The above Net Profit after tax excludes an unrealized gain of AED 140 million in the quarter for the Companys investment in MOL (the Hungarian oil and gas company, who are one of our partners in Kurdistan), booked directly to equity in line with the Companys published accounting policy. The Comprehensive Income for the 3 month period is AED 173 million compared to a loss of AED 32 million in same period for 2009.

Dana Gas Egypts operations continue to deliver strong results, producing 3.53 million barrels of oil equivalent during the first quarter, an increase of 33% compared to the same period last year, which included production from the Sama field which was brought on stream in February 2010, eight months after its discovery. The Company added two new gas discoveries in the Nile Delta, El-Panseiya-1 and South-Faraskour-1, from a total of three exploration wells drilled during the quarter, building on the excellent 2009 performance of eight discoveries from twelve exploration wells.

In the Kurdistan Region of Iraq Dana Gas, net to its 40% share, produced 0.97 million barrels of oil equivalent of gas and condensate during the period, an increase of approximately 50% over the same period in 2009. Construction of the LPG Plant at Khor Mor is nearing completion and following commissioning activities, will further increase production by year end.

Commenting on the quarterly performance, Dana Gas Chief Executive Officer, Mr. Ahmed Al-Arbeed, said: I am pleased to be able to report that Dana Gas is delivering good financial results from its strong operational performance in both Egypt and Iraq. In Egypt, we have an active development programme with eight discoveries to bring on stream and our fourteen well exploration programme for 2010 is off to a very satisfactory start with two discoveries from our first three wells. We continue to target a 20% increase in production for the full year compared to 2009.

In the Kurdistan Region of Iraq, production continues to grow as we supply gas to meet the demands of the Erbil and Bazian power stations. In the past few days, we have commenced gas production through the first train of our LPG plant with LPG production to commence in the third quarter said Mr. Al-Arbeed.

James Dewar, Chief Financial Officer said These are a good set of results and are in line with our expectations for the quarter. As Dana Gas production volumes continue to grow, so does our ability to deliver increasing after tax profits and operational cash flow. As we look ahead, our financial position remains robust and we continue to maintain a good level of liquidity to manage our operational needs.

Note: Dana Gas will be hosting a conference call to review these results at 2pm UAE time on Thursday 13th May 2010. Full details are on the Dana Gas website “ www.danagas.ae


About Dana Gas
Dana Gas

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Dubai SME ties up with Taylor Wessing to raise awareness on Intellectual Property and fund-raising among SME100 firms ,MENAFN Press
(MENAFN Press) Dubai SME, the agency of the Department for Economic Development in Dubai mandated to develop the SME sector, have signed a memorandum of understanding (MoU) with the international law ...

Apr 24 2014Mannai Corporation net profit soars 73 percent in Q1 ,MENAFN
(MENAFN) Qatar's Mannai Corporation said that its net profit in the first quarter of this year increased significantly, the Peninsula Qatar reported. The group said that net profit in the period ...

Apr 24 2014Redefining large AOC launches 28€³ MVA monitors ,MENAFN Press
(MENAFN Press) Display specialist AOC launches its first two 28" (71.1 cm) monitors. The m2870Vhe and m2870Vq feature extra-large 16:9 MVA panels with Full HD resolution, wide viewing angles and high ...

Apr 24 2014Finance House Q1 Net Soars 38% to AED 35.51 Million ,MENAFN Press
(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher ...

Apr 24 2014Mazola launches Sunflower Oil in new 1.8 litre label and packaging ,MENAFN Press
(MENAFN Press) Mazola, one of the leading names in the regional food industry, today announced the launch of its 1.8 litre Sunflower Oil in a brand new pack and label design. The new look perfectly ...

Apr 24 2014Estidama Villa Experience Centre Highlights Benefits of Resource-Efficient Living at Cityscape ,MENAFN Press
(MENAFN Press) The Abu Dhabi Urban Planning Council (UPC) today opened its Estidama villa experience to Cityscape visitors, giving them the chance to explore some of the innovative features designed ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Dusit International reasserts its position as one of Asias leading hospitality groups ,MENAFN Press
(MENAFN Press) Dusit International will reassert its position as one of Asia's leading hospitality groups during the upcoming Arabian Travel Market (ATM), with the attendance of COO David Shackleton ...

Apr 24 2014Software AG Apamas contribution to financial market stability recognized ,MENAFN Press
(MENAFN Press) Dubai, UAE, April 24, 2014 – Software AG (Frankfurt TecDAX: SOW) today announced that its Apama software has been recognized as the industry leading ultra-high performance complex ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help