Dana Gas reports double 1st half profits
Posted: 20 August 2007
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Dana Gas made high profits in the first half of 2007 as the Sharjah-based company is pushing ahead with a mega investment drive across the region.
Total revenues peaked at Dh 443 million from 171 days of gas production operations, resulting in gross operating profit of around Dh226 million. The financial results reflect consistent operating performance during the second quarter.
During the first half of 2007, Dana Gas completed the US$1.1 billion acquisition of Centurion Energy International in early January, establishing company as the 6th largest gas producer in Egypt and launching the company into the exploration and production sector of the Middle East ’s natural gas industry.
Dana Gas also built upon this position in April 2007 by signing important gas agreements with the Kurdistan Regional Government of Iraq.
Long-term assets of the company grew by more than 100 per cent from Dh 4 billion to Dh 8.1 billion during the first half of 2007, with total assets increasing 30 per cent to 8.8 billion with a shareholders equity rising to Dh 6.86 billion.
Net profit for the half year stood at Dh 50 million, after one-time transaction fees of approximately Dh 20 million and non-cash depreciation charges of Dh 114 million, including those related to the Centurion acquisition.
“We are pleased with the continuous and consistent growth in the Company’s operations and results,” said Hamid Dhiya Jafar, Executive Chairman, Dana Gas, which has an existing strategic positions in the UAE, Egypt, Saudi Arabia, the UK, Canada and now also in Iraq. |
