(MENAFN - Khaleej Times) Dana Gas held its 2011 Annual General Meeting (AGM) on Thursday, chaired by the company's honorary Chairman Shaikh Ahmed bin Sultan Al Qasimi.
Dana Gas' Chairman Hamid Jafar reported on the company's 2011 business activities and financial performance. The AGM approved the Board of Directors' report on the company's activities and the financial statements together with the auditors report for the year ended December 31, 2011. He said: "2011 proved to be a very successful year for the company's operations, despite the regional political and economic unrest."
For 2011, the company achieved gross revenues of Dh2.53 billion, a 42 per cent increase on last year due to higher production. This resulted in a record gross profit of Dh1.33 billion. Ahmed Al Arbeed, CEO, said: "Dana Gas continues to pursue opportunities to expand and build its business. The company's operational progress during 2011 has continued its remarkable track record."
Al Arbeed also shared with the Board of Directors his intention to retire from full-time executive responsibilities in September, after leading the Dana Gas management for the past three years. The Board thanked Al Arbeed for his years of dedicated service. A board committee was formed to oversee the search for candidates to replace Al Arbeed as CEO ensuring a smooth handover to his successor. Al Arbeed expressed his intention to remain as a member of the Board of Directors, as he has been since the company's establishment in 2005.