Sharjah-based natural gas company Dana Gas more than doubled its first quarter 2022 net profit as revenue increased on the back of high energy prices. 

Net profit during the quarter stood at 198 million dirhams ($54 million), up 125 percent compared to 88 million dirhams in the first quarter of 2021. 

Revenue for the period was 513 million dirhams, 32 percent higher compared to 389 million dirhams a year earlier. 

“The increase in revenue and profit was the result of higher hydrocarbon prices and the company’s successful efforts to manage costs,” Dana Gas said in a statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday. 

The company’s board of directors recommended a 4.5 fils dividend payment to shareholders. 

“The outlook for the remainder of 2022 is particularly encouraging, as energy prices and demand remain strong due to the prevalent global economic challenges,” said Patrick Allman-Ward, CEO of Dana Gas. 

(Writing by Cleofe Maceda; editing by Daniel Luiz)