Dana Gas, the Gulf’s largest energy company by market value, made a second-quarter net profit of 29 million dirhams ($7.90 million), down 40.8% from the year-earlier period.
Basic earnings per share in the three months to June 30 fell to 0.5 fils from 0.8 fils in the year-earlier period, Dana said in a statement on the stock exchange website. First-half earnings fell 50%.
“Net profit for the half year stood at 50 million dirhams after one-time transaction fees of approximately 20 million dirhams and non-cash depreciation charges of 114 million dirhams including those related to the Centurion acquisition,” it said.
Dana Gas moved into the Egyptian upstream sector in November through the C$1.15 billion ($1.09 billion) acquisition of Canada’s Centurion International, becoming the north African state’s sixth-largest gas producer.
Operating profits for the first six months of the year amounted to 443 million dirhams from 171 days of gas production operations, the statement said.
Total revenues for the second quarter stood at 241 million dirhams and total assets rose to 8.88 billion dirhams at the end June compared to 6.84 billion at the end of December, the statement said.
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