Dana Gas announced yesterday its financial results for the first quarter ending on March 31, 2021. The company’s net profit increased by 41% to $ 24 million (88 million dirhams), compared to $ 17 million (62 million dirhams) in the same period in 2020.
This increase comes with the improvement in revenues achieved as a result of higher production in the Kurdistan region of Iraq, and lower financing costs due to the decrease in the company’s debt in the first quarter of 2021 compared to the first quarter of 2020. The company’s revenues amounted to 389 million dirhams, an increase of 2% over the revenues of the first quarter of 2020, which amounted to 382 Million.
The improvement is mainly due to the increase in the company’s production by 9% in Iraqi Kurdistan. The average selling prices were $ 44 for a barrel of condensate and $ 33 for a barrel of LPG oil equivalent, compared to $ 41 and $ 30, respectively, in the first quarter of 2020.
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