Dana Gas Board recommends a 4.5 fils cash dividend for the second half of 2021

Shafaq Information/ On Tuesday, the Board of Administrators of Dana Gasoline PJSC (“Firm”), the Center East’s largest regional personal sector pure fuel firm, introduced that it’s going to advocate the distribution of a 4.5 fils per share money dividend for the second half of 2021, to convey the whole dividend for the yr ended 31 December 2021 to eight fils per share, a forty five% enhance in comparison with dividend for 2020.

For the total yr 2021, the Firm achieved a web revenue of AED 1.2 billion ($317 million) as in comparison with a web lack of AED 1.4 billion ($376 million) in 2020, and on an adjusted foundation, it posted a web revenue of AED 469 million ($128 million) when one-off non-cash impairments and different earnings are excluded. Gross Income reached AED 1.7 billion ($452 million), up 30% yr on yr, supported by larger oil costs and manufacturing within the KRI. The Firm’s collections in 2021 had been the very best ever at AED 1.4 billion ($377 million) and the year-end money place stood at AED 678 million ($185 million).

Hamid Jafar, Chairman of the Board of Directorsp, stated, “Dana Gasoline achieved report income and collections over the earlier yr, by cautious administration of prices and operations, and in opposition to a backdrop of rising vitality costs. This has enabled the Board to advocate a complete of 8 fils in dividends for 2021, and the outlook for 2022 is optimistic given larger vitality costs and the continued deal with administration of operations and progress initiatives.”

Progress continues with the KM250 fuel enlargement undertaking within the Kurdistan Area of Iraq (KRI). Building works on the Khor Mor discipline are shifting forward on schedule, and stays on observe to ship the primary 250 MMscf/d fuel processing practice in Q2 2023, which might enhance fuel manufacturing from 450 MMscd/d to 700 MMscf/d.

Whole funding by the Pearl Petroleum consortium exceeds US$2.3 billion to this point, with whole cumulative manufacturing of over 360 million barrels of oil equal (boe) of pure fuel and liquids. The uninterrupted provide of fuel to energy crops in Erbil, Chamchamal and Bazian offers over 80% of the KRI’s energy era and has resulted in vital gas price financial savings by substitution of diesel representing each environmental and financial advantages for the Kurdistan Area and Iraq as a complete.

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