UAE's Dana Gas FY 2022 net profit drops 43%; misses estimates
The UAE-based Dana Gas reported a 43% year-on-year (YoY) drop in full-year (FY) 2022 net profit to $182 million from $317 and warned of challenges related to collections in Kurdistan and Egypt operations.
The result missed the analysts’ mean profit estimates of $223.50 million as compiled by data provider Refinitiv.
Dana, which is the Middle East's largest private sector natural gas company, said excluding other income and impairments, adjusted net profit rose 53% to $196 million compared with $128 million in 2021.
Revenue rose 17% to $529 million due to higher realised prices and production output in the Kurdistan Region of Iraq (KRI).
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