Abu Dhabi – Mubasher: Dana Gas logged net profits totaling AED 270 million ($74 million) in the first quarter (Q1) of 2026, marking a 72% year-on-year (YoY) leap from AED 158 million ($43 million).
The gross revenues jumped by 59% YoY to AED 531 million ($145 million) in Q1-26 from AED 334 million ($91 million), according to the financial results.
Basic and diluted earnings per share (EPS) hit AED 0.03 ($0.01) at the end of March 2026, versus AED 0.022 ($0.006) in the year-ago period.
In Egypt, Dana Gas made significant progress under its investment program following the consolidated concession agreement, aimed at stabilizing production and restoring sustainable growth across its Nile Delta portfolio.
The first quarter marked a clear inflection point, with a return to production growth for the first time since 2017, reflecting early results from drilling and workover activity across the asset base.
The company confirmed settlement of overdue receivables from Egypt after receiving an additional payment of $20 million from the government.
As of 31 March 2026, Dana Gas’s consolidated cash balance remained strong at AED 836 million ($228 million), including AED 348 million ($95 million) held at the Pearl Petroleum level.
CEO of Dana Gas, Richard Hall, commented: “During the quarter, we proactively adapted our operations to the challenging macro circumstances which started in March while continuing to supply our customers. This underscores the strength of our asset base and the flexibility of our operating model.”
“We have since also delivered clear progress in strengthening our financial position with a new loan facility of $75 million and the full settlement of overdue receivables in Egypt in April, bringing receivables fully up to date,” Hall added.
In 2025, the net profits of Dana Gas fell by 14% to AED 476 million ($130 million) from AED 553 million ($151 million) in 2024.
