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Dana Gas profits decline after the attack on the "Kormor" field in the Kurdistan Region
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Economy News - Baghdad
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Added 2024/08/08 - 11:00 AM
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Economy News - Baghdad
Dana Gas, listed on the Abu Dhabi Securities Exchange, reported a 13.48 percent year-on-year decline in profits at the end of the first half of this year.
The company explained in a statement that it achieved profits of $72 million, equivalent to 263 million dirhams, in the first half of 2024, compared to profits of $83 million, equivalent to 304 million dirhams, in the same period in 2023.
Revenues fell 14 percent to $190 million (AED696 million) in the first half of this year, compared to $222 million (AED814 million) in the first half of last year.
Dana Gas' profits declined in the first quarter of this year by 24 percent year-on-year to AED 139 million ($38 million), compared to profits in the first quarter of 2023 of AED 183 million ($50 million).
On April 26, a condensate storage tank in the Khor Mor gas field in the Kurdistan Region was attacked by a drone, which led to an immediate halt in production.
Production returned to normal levels within days after the Iraqi government and the Kurdistan Regional Government took the necessary measures, including making serious commitments to improve security protection levels and enhance defense capabilities in the Khor Mor field.
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