UAE energy firm Dana Gas has reported a 42.5% year-on-year plunge in net profit to $182 million (AED 667 million) in 2022 amid a drop in oil production.
The figure is down from $317 million (AED 1.16 billion) in 2021, according to a bourse filing Wednesday.
The result came below the analysts’ profit estimates of $223.5 million, based on data provider Refinitiv.
However, revenues rose 17% to $529 million (AED 1.9 billion) in 2022 compared to $452 million (AED 1.7 billion) in 2021 due to higher realized prices and output in the Kurdistan Region of Iraq (KRI).
Operational costs dropped by 5% to $57 million (AED 209 million) in 2022 from $60 million (AED 220 million) in the previous year.
Cash balance at year-end reached $151 million (AED 553 million), including $88 million (AED 322 million) held at the Pearl level.
The group collected a total of $318 million (AED 1.2 billion) in 2022, with Egypt and the KRI contributing $85 million (AED 311 million) and $233 million (AED 854 million), respectively.
At the end of 2022, Dana's Egypt and KRI receivables grew to $30 million and $64 million, respectively.
Average group production marginally fell in 2022 to 60,200 barrels of oil equivalent per day (boepd), a 3% drop from 62,100 boepd in the previous year.
The lower output resulted from an 8% reduction in Egypt to 25,900 boepd due to a decline in natural fields. But that was offset by a 1% rise in production in the KRI to 34,300 boepd, compared to 33,800 boepd in 2021.
Production in the KRI and Egypt was uninterrupted throughout the year.
