The UAE-based Dana Gas, the largest regional private sector natural gas company, said Q4 2024 net profit increased by 15% year-on-year (YoY) to 143 million UAE dirhams ($39 million) due to additional revenue and lower financing costs, adding it plans to resume dividends.

Revenue for the quarter increased by 64% year-on-year (YoY) to AED 583 million, primarily due to the recognition of additional revenue under the newly signed consolidated concession agreement in Egypt, the Abu Dhabi Securities Exchange (ADX-listed company said.

Net profit for FY 2024 fell 5% to AED 553 million, driven by the recognition of a one-off impairment charge of AED 121 million in Egypt related to past costs of old concessions,

Revenue grew 5% to AED 1.63 billion last year, up from AED 1.55 billion in 2023.

Average group production declined in 2024 to 54,850 barrels of oil equivalent per day (boepd), a 7% reduction from 58,700 boepd in 2023. This was mainly due to a 25% reduction in Egypt to 16,450 boepd due to natural field declines.  

Richard Hall, CEO, said: “Looking ahead, we are optimistic about the future and are actively evaluating the resumption of sustainable dividend payments to our shareholders.”

In March 2024, its board had recommended not distributing dividends for the financial year 2023.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)