Dana Gas Nine-Month Profit Rises 48% to Dh558 Million on Kurdistan and Egypt Output

The Sharjah-based company earned Dh379 million ($103 million) in the same period of 2025. Revenue rose 48% to Dh1.38 billion ($377 million) from Dh935 million, and EBITDA climbed 61% to Dh917 million ($250 million).

The headline growth flatters the underlying picture. The first quarter included a one-off positive gas metering reconciliation of Dh176 million ($48 million). Excluding it, net profit was Dh382 million ($104 million), broadly in line with a year earlier, and revenue grew 29%.

The third quarter showed the clearer improvement. Net profit for the three months rose 50% year on year to Dh165 million ($45 million) and revenue increased 42% to Dh436 million ($119 million), as group production jumped 17% to 61,400 barrels of oil equivalent per day.

Chief executive Richard Hall said higher production and stronger hydrocarbon prices had lifted earnings, and that the company remained focused on strengthening cash generation and delivering long-term value to shareholders.

Khor Mor Drives Growth

Across the nine months, group output averaged 55,800 barrels of oil equivalent per day, up 6% from 52,650 a year earlier. Kurdistan, the larger of its two producing regions, averaged 42,300 boepd, up 5%, with third-quarter output rising 18% to 47,550 boepd on higher use of the expanded Khor Mor facilities. The KM250 expansion lifted Khor Mor's installed gas processing capacity by 50% to 750 million standard cubic feet per day.

In Egypt, production averaged 13,500 boepd, up 10%. The company said its drilling programme there added 50 billion cubic feet of gas resources and 35 million standard cubic feet per day of new production. Dana Gas has drilled six new wells this year and plans three more exploration wells by the first quarter of 2027.

Collections, long a pressure point for producers in both countries, rose to Dh843 million ($230 million) over the nine months, including Dh572 million from Kurdistan and Dh271 million from Egypt. The company said Egypt has had no overdue receivables since June 2026.

Corporate cash stood at Dh467 million ($128 million) on September 30, with a further Dh447 million ($122 million) held at Pearl Petroleum, the Kurdistan consortium in which Dana Gas is a partner. In October, Pearl Petroleum priced a $500 million five-year secured bond to refinance its existing $350 million bond and to fund investment in the Khor Mor and Chemchemal fields.