Dana Gas reported a 48 per cent increase in net profit to Dh558 million ($152 million) for the first nine months of 2026, driven by higher production in its core markets of the Kurdistan Region of Iraq (KRI) and Egypt, as well as stronger realised hydrocarbon prices.
The Sharjah-based energy company recorded a net profit of Dh379 million ($103 million) during the same period last year.
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Revenue rose 48 per cent to Dh1.38 billion ($377 million), compared with Dh935 million ($255 million) a year earlier. Excluding a one-off positive gas metering reconciliation of Dh176 million ($48 million) recognised in the first quarter, revenue increased 29 per cent year-on-year.
EBITDA climbed 61 per cent to Dh917 million ($250 million), compared with Dh570 million ($155 million) in the corresponding period last year.
Excluding the one-off adjustment, net profit stood at Dh382 million ($104 million), broadly in line with the previous year’s reported earnings.
Third-quarter net profit increased 50 per cent year-on-year to Dh165 million ($45 million), while revenue rose 42 per cent to Dh436 million ($119 million).
Richard Hall, CEO of Dana Gas, said higher production and stronger hydrocarbon prices had boosted earnings, adding that the company remained focused on strengthening cash generation and delivering long-term shareholder value.
Production growth
Group production averaged 55,800 barrels of oil equivalent per day (boepd) during the first nine months, up 6 per cent from 52,650 boepd a year earlier. Third-quarter production increased 17 per cent to 61,400 boepd.
In the Kurdistan Region of Iraq, production averaged 42,300 boepd, up 5 per cent year-on-year. Output in the third quarter rose 18 per cent to 47,550 boepd, supported by higher utilisation of the expanded Khor Mor facilities.
The KM250 expansion increased Khor Mor’s installed gas processing capacity by 50 per cent to 750 million standard cubic feet per day (MMscf/d).
In Egypt, production averaged 13,500 boepd, up 10 per cent. The company’s drilling programme added 50 billion cubic feet of gas resources and 35 MMscf/d of incremental production.
Dana Gas has drilled six new wells this year and plans three additional exploration wells by the first quarter of 2027.
Investment and collections
Collections increased to Dh843 million ($230 million) during the nine-month period, including Dh572 million from the KRI and Dh271 million from Egypt. The company said Egypt has had no overdue receivables since June 2026.
As of September 30, corporate cash stood at Dh467 million ($128 million), with another Dh447 million ($122 million) held at Pearl Petroleum.
In October, Pearl Petroleum priced a $500 million five-year secured bond to refinance its existing $350 million bond and support investment in the Khor Mor and Chemchemal fields.
Source: Khaleej Times