Dana Gas Nine-Month Profit Rises 48% to $152M on Higher Output
Revenue climbs to $377M and EBITDA to $250M, though stripping out a $48M metering gain leaves earnings essentially flat year on year.
Dana Gas reported a nine-month net profit of $152M (AED 558M), 48% higher than a year earlier, helped by rising output and better prices for its hydrocarbons.
The figures, released on Friday, included a one-off gain of $48M (AED 176M) from a gas metering reconciliation booked in the first quarter. Strip that out and net profit was $104M, against $103M (AED 379M) a year earlier.
Revenue for the nine months reached $377M (AED 1.38B), up 48%. Underlying revenue, which excludes one-off items, rose 29%, with the company pointing to higher production and gas sales volumes in the Kurdistan Region of Iraq and Egypt alongside stronger realized prices.
Group production averaged 55,800 barrels of oil equivalent per day, 6% above the same period last year. Both core markets contributed growth.
EBITDA rose 61% to $250M (AED 917M) from $155M (AED 570M). The company attributed the improvement to operational performance and higher realized hydrocarbon prices.
Third-quarter output
Net profit in the three months to September was $45M (AED 165M), up 50%, while production climbed 17% year on year. Higher utilization of the KM250 expansion at Khor Mor lifted output during the quarter. That project raised installed gas processing capacity at the field by 50% to 750 MMscf/d.
Chief executive Richard Hall said production gains at Khor Mor and stronger realized prices drove the earnings improvement, and that the results demonstrate tangible returns on the company's investments. He added that significant further potential exists as utilization of the expanded facilities increases.
Chemchemal and Egypt
Chemchemal is progressing as the next major development project. Work continued under Pearl Petroleum's $160M appraisal and early development program, with drilling due to start before the end of 2026 and first gas targeted for early 2028.
In Egypt, production averaged 13,500 boepd, up 10% from 12,300 boepd. Six wells were drilled in 2026 — four exploration and two development — and three existing wells were recompleted. One more well is planned before the end of 2026, with two more in the first quarter of 2027.
In October, Pearl Petroleum priced a $500M five-year senior secured bond. Proceeds are intended to refinance the company's existing $350M bond and to support further investment in the Khor Mor and Chemchemal fields.
Shares of Dana Gas fell 1.19% to $0.23 (AED 0.83) on the Abu Dhabi Securities Exchange at 9:45 am AST on Friday.
The distance between the headline growth rate and the underlying picture is what matters here. Excluding the metering adjustment, profit barely moved even as volumes and prices improved, which shifts attention to how quickly the expanded Khor Mor facilities are taken up. The bond refinancing also settles the funding question ahead of first gas at Chemchemal, now slated for early 2028.
