Dubai: UAE-owned Dana Gas, which operates fields in Egypt and Kurdistan Region of Iraq, recorded Dh667 million as 2022 net profit, against Dh1.16 billion a year ago.

If one were to exclude impairments and other income, the adjusted net profit would have been Dh718 million last year against Dh469 million in 2021.

Strong energy prices and demand helped drive Dana Gas numbers, while cost control measures also helped. All this while the company’s KRI operations were targeted twice by explosions, which, fortunately, did not result in any sort of damage to life or activity.

In fact, “We managed to optimize our assets in the KRI, reaching record levels of production and increasing capacity by a further 50 MMscf/d following the completion of a by-pass sproduct,” said Dr. Patrick Allman-Ward, CEO. “The successful completion of the project in the KRI and our plans of maximizing production in Egypt will have positive impact on the environment as gas production displaces more carbon intensive fuels for power generation which will enhance the quality of life of residents in the KRI, Iraq and Egypt.”

Revenue rose 17 per cent to Dh1.94 billion in 2022 from Dh1.66 billion 'due to higher realized prices and production output in KRI. "Production in the KRI and Egypt remained uninterrupted throughout the year," the company said. Operational costs dipped 5 per cent to Dh209 million compared to Dh220 million in 2021.