Provided by 7DAYS.ae
Private natural gas producer Dana Gas yesterday said its first-quarter net profit rose to dhs25 million, up 19 per cent from the year-ago period, helped by record oil prices. The company’s revenues from oil and gas production grew to dhs272 million, an increase of 35 per cent over the same period last year, Dana said in a statement.
“Comparing this year’s first quarter with last year’s first quarter, the growth was mainly driven by an increase in oil prices that have resulted in high returns,” said finance director Neeraj Agrawal. Production from the firm’s Egypt operations, presently its sole source of output, remained constant in the first quarter at about 30,000 barrels of oil equivalent per day - a rate it plans to keep steady for the rest of the year, Agrawal said.
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