Dana Gas Q3 net profit soars on higher profit

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Dana GasAbu Dhabi-listed Dana Gas net profit multiplied four times to Dh143 by the third quarter of the year as the Middle East’s largest private energy company said its revenue from the state of hydrocarbons increased 58% year to year to Dh645 million, while gross profit grew 76% to Dh315 million. This was a result of 20% growth in production with increased oil prices.

Despite a globally challenging environment, Dana Gas continues to strive for top-tier deliverance. Production in the Kurdistan Region of Iraq increased as a result of both trains of the gas plant at the Khor Mor Field catering for higher demands for gas. Dana Gas will be persevering in its exploration program of continued reserves growth in the last quarter of 2011 and during 2012.

The energy company said it is collaborating with a number of international banks for collective advice on financial strategy, capital structure, refinancing the company’s $1 billion sukuk, and for developing further the group’s plans to list its upstream business on the London Stock Exchange.

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Reading Time: 1 minute

Abu Dhabi-listed Dana Gas net profit multiplied four times to Dh143 by the third quarter of the year as the Middle East’s largest private energy company said its revenue from the state of hydrocarbons increased 58% year to year to Dh645 million, while gross profit grew 76% to Dh315 million. This was a result of 20% growth in production with increased oil prices.

Reading Time: 1 minute

Dana GasAbu Dhabi-listed Dana Gas net profit multiplied four times to Dh143 by the third quarter of the year as the Middle East’s largest private energy company said its revenue from the state of hydrocarbons increased 58% year to year to Dh645 million, while gross profit grew 76% to Dh315 million. This was a result of 20% growth in production with increased oil prices.

Despite a globally challenging environment, Dana Gas continues to strive for top-tier deliverance. Production in the Kurdistan Region of Iraq increased as a result of both trains of the gas plant at the Khor Mor Field catering for higher demands for gas. Dana Gas will be persevering in its exploration program of continued reserves growth in the last quarter of 2011 and during 2012.

The energy company said it is collaborating with a number of international banks for collective advice on financial strategy, capital structure, refinancing the company’s $1 billion sukuk, and for developing further the group’s plans to list its upstream business on the London Stock Exchange.

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