Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, reported a net profit of AED 553 million ($151 million) for the full year 2024. Excluding this, net profit stood at AED 674 million ($184 million), marking a 15% increase.
In the fourth quarter, the company saw a significant surge in revenue by 64% to AED 583 million ($159 million). The net profit for the quarter also rose by 15% to AED 143 million ($39 million). Cash collections increased by 37% to AED 1.2 billion ($326 million), contributing to financial stability.
The cash balance at year-end was reported at AED 1.16 billion ($317 million), while the total consolidated debt stood at AED 934 million ($255 million). Dana Gas is contemplating the reinstatement of sustainable annual dividends, subject to Board approval.
Pearl Petroleum has resumed construction of the KM250 project, with gas production expected to commence by the second quarter of 2026. This development will add 250 MMscf/d processing capacity. Additionally, a new consolidated concession agreement was signed in Egypt, improving fiscal terms and securing a $100 million development program.
Despite a 7% decline in group production to 54,850 boepd, driven by a 25% reduction in Egypt, there was a 4% increase in the Kurdistan Region of Iraq (KRI). Dana Gas also entered into a partnership with UK-based Levidian to pilot LOOP technology, with the goal of achieving near-zero methane emissions by 2030.
CEO Richard Hall expressed confidence in the company’s future, noting strategic developments in Egypt and the KRI, and reaffirming the commitment to financial stability and growth. The company reported a 5% revenue growth to AED 1.63 billion ($445 million), supported by improved fiscal terms under the newly signed Consolidated Concession Agreement in Egypt.
Dana Gas continues to strengthen partnerships and drive innovation to support long-term expansion.
