Dana Gas has swung to a first-quarter profit as the company continues to make progress with its oil and gas operations in Egypt and Iraqi Kurdistan amid higher energy prices.
The Sharjah company posted after-tax net income of Dh33 million (US$8.9m) for the three months that ended on March 31, balancing its Dh32m loss a year earlier.
Revenue increased by two thirds to Dh411m from Dh247m.
"I am pleased to be able to report that Dana Gas is delivering good financial results from its strong operational performance in both Egypt and Iraq," said Ahmed al Arbeed, the chief executive of the company.
In Egypt, where Dana has made a series of oil and gas discoveries in recent years, first-quarter output averaged 39,200 barrels of oil equivalent per day (boepd), up 32 per cent from a year earlier.
For the full year, the company is aiming for a 20 per cent production increase. It expects output this quarter to average 40,500 boepd.
In Kurdistan, Dana and its partners continue to develop a large gasfield that is supplying fuel for regional electricity generation. The group has recently completed of a gas processing plant that is expected to contribute substantially to the profitability of the venture, in which Dana holds a 40 per cent interest.
In the past few days, the plant has started processing gas to strip out valuable liquids. The production of liquid petroleum gas (LPG) would start in the third quarter of this year, Mr al Arbeed said.
Jim Dewar, the chief financial officer of Dana, said the development consortium did not profit from the gas it provided to local power plants, but was allowed to sell LPG and condensate, a type of light oil extracted from some gasfields, at international market prices.
The Kurdish venture started separating condensate from its gas stream late last year.
tcarlisle@thenational.ae
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
The%20specs
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The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Russia's Muslim Heartlands
Dominic Rubin, Oxford
COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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The%20specs
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Guardians%20of%20the%20Galaxy%20Vol%203
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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