Dana Gas Reports Revenue of $445 Million in 2024
- Business Companies Earnings GCC
Global Business Magazine- 5 minutes read
The Abu Dhabi Securities Exchange (ADX) listed Dana Gas has achieved a 5% revenue increase to reach $445 million, and a net profit of $151 million in 2024.
Dana Gas is the Middle East’s first and largest regional private sector natural gas company established in December 2005 and it has upstream and midstream assets in Egypt, Kurdistan Region of Iraq (KRI) and the UAE, with proven and probable (2P) reserves exceeding one billion boe and average production of 54.9 Kboe/d.
With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region.
In its integrated report for 2024, Dana Gas chairman Hamid Dhiya Jafar said that the company’s improved cash collections have also enabled the Board of Directors to recommend a cash dividend of $105 million for the full year.
Continuing financial robustness will further enable the company to maintain sustainable cash dividend payments in future years, while steady implementation of its current and future growth projects will support even higher dividends in the years to come, Jafar said.
The company’s operations in the Kurdistan Region of Iraq (KRI) remain vital to the region’s growing electricity needs and resultant prosperity, Jafar said in a regulatory disclosure with ADX..
The concerted steps that the company and its operating partner Crescent Petroleum have taken to address the previous regrettable issues, that had delayed implementation of the important KM250 gas expansion project, will enable Dana Gas to achieve a circa 50% leap in the growth the gas supplies and revenues next year, he said.
Other equally important expansion initiatives, such as development of the major Chemchemal gas field, are currently in the planning stage for implementation next year in order to supply the wider region’s huge gas deficit.
In Egypt, Dana Gas has taken decisive steps to optimise its assets and unlock value. The recently implemented Consolidated Concession Agreement (CCA) is a transformational milestone which enhances efficiency to maximise production of the company’s assets, he noted in the report.
LNG Regaining Prominence
Globally, the company’s core business the natural gas sector, is regaining the importance that it deserves in global markets. Western policymakers are publicly recognising the pivotal role that natural gas must play to address the world’s current and future energy needs.
According to him, rising LNG exports, geopolitical realities, and concerns over energy security and affordability, coupled with the increasing importance of natural gas as a foundational fuel were reshaping industry dynamics and finance, and further driving demand.
As a regional gas producer, Dana Gas is strategically positioned to capitalise on these important trends.
In the meantime, Dana Gas is continually evaluating ways and means to enhance operational efficiency, implement new technologies, and integrate sustainability into its operations and business strategy. Needless to say, responsible governance remains key, as the company is delivering value to its stakeholders.
“As the region’s leading private-sector gas producer, we continue to reinforce our role as a key partner in delivering critical energy supplies. Under the executive leadership of our new CEO, Richard Hall, our operational team are ably navigating marketing challenges, and steadily but surely developing the building blocks to enhance shareholder value,” he added.
