Dana Gas reported a 16% increase in revenue in the first nine months of 2014 to $541 million as compared to $466 million the previous year.
Profit from operations was higher by 57% to $129 million as compared to $ 82 million that was achieved in 9M 2013, if a one-off gain of $39 million following the partial sale of MOL shares in 1H 2013 is excluded.
The company posted robust third quarter revenue of $174 million (3Q 2013 $170 million) and gross profits of $79 million (Q3 2013: $71 million). Net profits were underpinned by an increase in production.
Patrick Allman-Ward, CEO of Dana Gas, commented: “Our continuous focus on operational excellence and cost discipline is paying off resulting in significantly improved net profits for the quarter and year to date. We have made good progress in restarting cash flow in KRI through the initiation of local sales of liquid products. Our operations have continued uninterrupted despite the ongoing security situation in Iraq. We remain fully committed to Egypt and are very pleased to have found a win-win solution for all parties through the Gas Production Enhancement Agreement which commits the company to making significant new investments which will result in higher production for the country and allows Dana Gas to recover outstanding receivables within a defined period of time.”
Press Release; Image: Dana Gas