UAE's Dana Gas reports $139mln net profit in H1 2021

SHARJAH -- Dana Gas announced its financial results for the half year ended 30th June 2021. The company has delivered one of its strongest half-yearly results with H1 2021 net profit of US$139 million (AED511 million), according to a press release on Wednesday.

Excluding the reversal of impairment related to Egypt assets, the company posted an adjusted net profit of US$61 million (AED225 million) versus an adjusted net profit of US$18 million (AED66 million) in H1 2020, an increase of 239 percent, reflecting higher oil prices and improved operational performance.

Commenting on the announcement, Dr. Patrick Allman-Ward, CEO of Dana Gas, said, "The company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices. Our revenues grew by 19 percent in the first six months, which coupled with our low-cost structure, has helped the Company increase gross profits by 133 percent and generate a net profit of US$139 million.

"In Egypt, we are going to continue to operate our onshore producing assets in a way to maximise value for the benefit of all our stakeholders and to prepare to drill our material offshore exploration well as soon as practicably possible," the CEO said.