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UAE energy firm Dana Gas is expected to pay a higher dividend for 2022 as adjusted net profit for the year went up by more than half on the back of higher energy prices.
The board of directors has recommended a payout of 4.5 fils per share for the second half of 2022, taking the total dividend payment for the year to AED630 million ($171.5 million), a 12.5% increase compared to the dividend for 2021, the company said in a disclosure on the Abu Dhabi Securities Exhange (ADX) on Tuesday.
The increment reflects higher global energy prices and the company’s positive performance for the year, the company said, adding that the outlook remains positive given the global energy market dynamics and despite some of the economic challenges faced.
“The board of directors recommended this dividend which reflects our strong belief in Dana Gas’ growth prospects and recognises the company’s strong performance,” said Hamid Jafar, Chairman of the board.
“Steady production and an extended period of higher energy prices have contributed positively to our cash flow generation last year despite the challenges, and we are committed to maximising the dividends to shareholders.”
Dana Gas posted a net profit of AED 667 million for 2022, compared to AED 1.16 billion in 2021. Adjusted net profit, which excludes other income and impairments, stood at AED 718 million, up by 53% from AED 469 million in 2021.
(Writing by Cleofe Maceda; editing by Seban Scaria)
