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Economy News _ Baghdad
The UAE company, Dana Gas, announced today, Thursday, that its profits increased by 82%, to 407 million dirhams in the first half of 2022.
The company said in a statement seen by "Economy News", that "the net profit of the UAE company Dana Gas rose by 82% to 407 million dirhams ($ 111 million) during the first half of this year."
And she added, "The profitability growth was driven by high oil and gas prices, in addition to its continued commitment to reduce costs, in addition to the strong operational performance of its operations in the Kurdistan Region of Iraq."
She pointed out that "the company's revenues increased in the first 6 months of the year by 31% to 1.04 billion dirhams (284 million dollars), compared to the same period last year, and the company's operating costs decreased by 16%."
The company confirmed that it "received cash payments of 180 million dollars during the first half of the year, including 135 million dollars from the Kurdistan Region of Iraq and 45 million dollars from Egypt."
And she pointed out that "despite the security challenges faced by the company, it continued its operations in the Kurdistan Region without any interruption, as its total production in the region increased by 1% during the first half, and it also made good progress in implementing the project to expand and develop gas processing facilities in Khor Mor ( Khormor 250)", explaining that "during the first half, the drilling of the first development well for the project was completed, and the pace of drilling of the second well is progressing in full swing."
Dana Gas is a private regional natural gas production company in the Middle East, established in December 2005 and listed on the Abu Dhabi Stock Exchange. The company has exploration and production activities in Egypt, the Kurdistan Region of Iraq and the United Arab Emirates with proven and probable reserves of more than one billion barrels of oil equivalent.
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