王磊 摘译自 油气新闻
Dana Gas posts solid 9-month results; net profit up 246pc
Dana Gas, the Middle Easts largest regional private sector natural gas company, has announced solid results for the period from January to September, registering a 246 per cent growth in its net profit which soared to Dh521 million ($142 million) from Dh149 million ($41 million) last year.
Announcing its financial results for the nine-month period ended September 30, 2019, Dana Gas said this increase in the net profit was mainly due to higher other income amounting to $126 million resulting from recognition of financial assets related to certain reserve-based earn-out and other entitlements."
It was partially offset by a $60 million impairment provision in relation to the Merak-1 well in Egypt which was drilled in Q3 but did not encounter commercial hydrocarbons, stated the Emirati gas company.
Excluding the increase in other income and the impairment provision, net profit from core operations increased by 85% to $76 million over $41 million last year, it stated.
This was principally due to an increase in production in Kurdistan Region of Iraq (KRI) post successful completion of the debottlenecking in Q3 2018 and lower debt servicing cost, it added.
On the solid results, CEO Dr Patrick Allman-Ward said: "Our strong financial and operational performance over the first nine months of 2019 is a testament to the company’s growing strength as production increases and collections improve."
Dana Gas average production for the nine-month period rose 8% to 67,100 bpd from 62,250 bpd last year. KRI output rose significantly, increasing 23% to 31,800 bpd compared to 25,800 bpd last year.