Dana Gas PJSC announced its financial outcome for the fiscal quarter which ended on September 30th 2011. Dana Gas is an incorporated company in the Emirate of Sharjah of the UAE and is the largest private sector natural gas company in the region.
The results for the third quarter of 2011 are impressive: Dana posted increased revenue from the sale of hydrocarbons to AED 645 million (176 million dollars) with a gross profit of AED 315 million. This translates into increases of 58% and 76% respectively when compared to last year’s results for the same time period.
Meeting Higher Demand
The company credits the improved income and profitability to a total growth of 20% in production across the entire Group, while at the same time oil prices rose. There was an especially large increase in production in the Kurdistan region in Iraq due to the fact that two transport trains were simultaneously running from the Khor Mor Field, which helped satisfy the increased demand for gas at the power stations in Arbil and Suleymania in Kurdistan.
Dana Gas Chief Executive Officer Mr. Ahmed Al Arbeed commented on the company’s third quarter profits:
“Dana Gas continues to deliver strong performance and increases in profits driven by our successful operations, in spite of a globally challenging environment. We have and will continue to respond to challenges successfully and with confidence, ensuring that we maintain our operations uninterrupted while we manage our expenditures prudently. As a regional company committed to the long term benefit of our region and its stakeholders, we are committed to operating our assets with a view to creating sustainable value for our shareholders.”