Dana Gas, one of the largest private natural gas companies in the Middle East, has reported a 14 per cent drop in third-quarter net profit on lower crude oil prices.
Net profit attributable to equity holders of the parent company for the three months to the end of September declined to $43 million, from $50 million in the same period a year earlier, the company said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
Net revenue for the period fell by about 14 per cent annually to $83 million.
“Our proactive measures implemented over the past few years, such as cost reductions and production optimisation, have yielded clear operational and financial benefits,” said Richard Hall, the newly appointed chief executive of Dana Gas.
Brent, the benchmark for two thirds of the world’s oil, surged to about $140 a barrel after the invasion of Ukraine last year, but has since given up most of its gains due to resilient Russian crude supply and fuel demand concerns.
However, the international benchmark rose by more than 22 per cent in the third quarter as Opec+ production cuts, combined with voluntary output reductions by Saudi Arabia and Russia, tightened crude supplies.
Dana Gas said it would not pay an interim dividend for the first half of 2023 and will consider an annual dividend payment in March 2024 based on conditions at that time.
The decision was driven by the company’s continued challenge of delayed collections in the Iraqi Kurdish region and Egypt, where combined receivables rose to $153 million, as well as capital expenditure requirements for the Khor Mor gas expansion project in Iraq.
“Dana Gas will also continue to work closely with our government partners in Egypt and the KRI [Kurdish region in Iraq] to ensure timely settlement of all outstanding receivables,” Mr Hall said.
The company's production in the third quarter stood at 59,600 barrels of oil equivalent per day (boepd), slightly down from 59,800 boepd in the same period last year.
A drop in production from the company’s assets in Egypt was partially offset by a rise in output in Kurdistan, Dana Gas said.
The company’s net profit in the first nine months of 2023 fell by about 22 per cent to $126 million while net revenue was down about 18 per cent in the same period.
Production in the first nine months of 2023 dipped 1 per cent from same period a year ago to 59,750 boepd.
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UAE currency: the story behind the money in your pockets
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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