Sharjah-based Dana Gas will recommend that shareholders approve a cash dividend of 4.50 fils for the second half of 2021, bringing the total dividend for the year to 8 fils per share.
The move marks a 45 per cent annual increase in the Abu Dhabi-listed company’s total dividend for the year ended December 31, 2021, Dana Gas said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The company swung to a record annual profit last year as collections improved amid higher oil prices.
“Dana Gas achieved record profits and collections over the previous year through careful management of costs and operations and against a backdrop of rising energy prices,” said chairman Hamid Jafar.
“This has enabled the board to recommend a total of 8 fils in dividends for 2021.”
Net profit for the 12-month period to the end of December climbed to $317 million, from a loss of $376m in 2020, the company said in February.
Revenue increased 30 per cent a year to $452m in 2021, supported mainly by higher oil prices and increased production in Kurdistan Region of Iraq.
The outlook for 2022 is “positive, given higher energy prices and the continued focus on management of operations and growth projects”, Mr Jafar said.
The KM250 gas expansion project undertaken by Dana Gas in KRI is continuing, the company said.
Construction works at the Khor Mor field remain on track to deliver the first 250 million standard cubic feet per day gas processing train in the second quarter of 2023, it said.
The group's cash collections hit a record $377m last year, up from $182m in 2020, bringing the total cash balance at the end of the year to $185m, the company said.
Egypt and the KRI contributed $193m and $184m, respectively, to its collections.
Dana Gas, which spent about $126m in capital expenditure in 2021, is expected to maintain the same level of spending this year.
The company does not have an immediate need to raise further debt, chief executive Patrick Allman-Ward said last month.
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Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
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COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
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The UAE FTA requires following to be kept:
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- All tax invoices and tax credit notes
- Alternative documents related to receiving goods or services
- All tax invoices and tax credit notes
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