Abu Dhabi’s Dana Gas posts 50% drop in Q1 net profit

Abu Dhabi-listed Dana Gas reported a net profit of AED 22 million for first quarter this year, a 50 percent year-on-year (YoY) drop attributed to a sharp decline in oil prices and reduced output in Egypt and Kurdistan.

Net production from Egypt, UAE and Kurdistan (Iraq) fell 12 percent YoY to 60,500 barrels of oil equivalent per day (boepd), the company said in a statement.

Gross revenue for the quarter stood at AED 301 million, down from AED 422 million from Q1-2015. The cash and bank balance stood at AED 1.5 billion (as on March 31), a decline of 12 percent from AED 1.7 billion in December 2015.

“The reduction in cash balance was due to expenditures in Dana Gas Egypt & Zora, sukuk profit, other financing payments, and G&A (general and administrative) costs,” the statement added.