Dana Gas, one of the largest private natural gas companies in the Middle East, recorded an increase in first-half profit despite lower oil prices, underpinned by its operations in Egypt.
Net profit attributable to equity holders in the six months to the end of June rose 2.7 per cent annually to Dh270 million ($73.5 million), the Sharjah-based company said on Friday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
Net revenue for the first half declined 4.4 per cent to Dh532 million, on lower realised hydrocarbon prices and production declines in Egypt, partially offset by higher output in Iraq’s semi-autonomous Kurdish region and improved pricing in Egypt, it said.
Earnings before interest, taxes, depreciation and depreciation – a key measure for profitability – was 8.7 per cent lower at Dh105 million.
For the second quarter, profit was down 9.7 per cent to Dh112 million, while revenue dropped 3.7 per cent to Dh257 million. Ebitda slid 13 per cent to Dh47 million.
The company paid out its 2024 cash dividend of Dh385 million in May.
Dana Gas is "optimistic" for the second half of the year, as it "remain[s] focused on execution, value creation and sustaining dividend payments to our shareholders", chief executive Richard Hall said.
“We are now seeing the results of a proactive, hands-on approach across the business, one that keeps us close to the operations and focused on delivery," he added.
Set up in 2005, Dana Gas has exploration and production assets in Egypt, the Iraqi Kurdish region and the UAE, with proven reserves exceeding one billion barrels of oil equivalent and average production of about 55,000 barrels of oil equivalent a day, its website says.
In Egypt, the Arab world's most populous economy, Dana Gas made "solid progress" in the delivery of its $100 million investment programme. Last month, the company announced the successful drilling and completion of Begonia-2, the first of 11 planned wells, confirming nine billion cubic feet of gas reserves.
The additional gas in Egypt is forecast to generate cost savings of more than $1 billion for the country's economy by reducing reliance on imported liquefied natural gas and fuel oil.
The Egypt investment programme is "an important step forward, both for Dana Gas and for Egypt’s energy sector ... [to] unlock more of the country's gas potential", Mr Hall said.
Meanwhile, in Kurdistan, production at the Khor Mor gasfield remained strong during the first half 2025, with daily output exceeding 500 million standard cubic feet per day.
Dana Gas shares were down about 1 per cent on the ADX at midday trading on Friday.
