Dana Gas Q3 net profit soars on higher profit

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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