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UAE's Dana Q2 bottomline surges on high oil prices Surge in profits for energy firm is driven by higher oil prices and a 20 per cent rise in production for its Egypt and Iraqi operations
United Arab Emirates energy firm Dana Gas more than tripled its second quarter net profit as higher oil prices and a 20 per cent rise in production at its Egypt and Iraqi operations boosted revenues, helping beating analysts forecasts. Dana earned a net profit of 124 million dirhams (US$33.7 million) for the quarter ending 30 June, compared with 33 million dirhams a year-ago, the company said in a statement on Wednesday. Analysts forecast an average profit of 103.38 million dirhams in a Reuters poll earlier this month. Revenues from sale of hydrocarbons increased to 627 million dirhams in the second quarter due to strong production growth coupled with higher market prices for oil, condensate and liquefied petroleum gas, Dana said in the statement. "This excellent outcome is driven by the 20 per cent increase in production from Egypt and the Kurdistan Region of Iraq and consequent increase in revenues accompanied by our tight control of costs throughout the organization," Dana's Chief Executive Ahmed al Arbeed said in the statement. Dana said it received 130 million dirhams in revenues from Egypt and 80 million dirhams from Kurdistan. In early August, Dana said the firm had not received payment for gas delivered in Egypt. The company is in discussions with the appropriate authorities to expedite payments of its overdue receivables in Egypt, and likewise in the Kurdistan Region of Iraq, the statement said. Dana shares ended flat on the Abu Dhabi stock exchange Wednesday.
