#UAE's Dana Gas H1 net profit swings to $139mln on higher oil prices | ZAWYA MENA Edition

UAE's Dana Gas H1 net profit swings to $139mln on higher oil prices | ZAWYA MENA Edition

UAE-based energy producer Dana Gas swung to a profit in the first six months of the year after suffering a loss in the same period last year, as the rebound in oil prices continued and operations improved.

In a statement on Wednesday, the firm reported a net profit of $139 million for the January to June period, compared to a loss of $19 million a year earlier, making the first half of 2021 one of its strongest.

As a result of higher net profit, Dana’s retained earnings also turned from accumulated losses of $20 million to positive $142 million, which is expected to underpin the energy producer’s ability to pay dividends to its shareholders in the future.

“The company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices,” said Patrick Allman-Ward, CEO of Dana Gas.

“Our revenues grew by 19 percent in the first six months which, coupled with our low-cost structure, has helped the company increase gross profits by 133 percent and generate a net profit of $139 million,” Ward said.