By: OrePulse

Dana Gas reported a 48% rise in nine-month net profit to AED 558 million, up from AED 379 million a year earlier, as higher output in Iraq's Kurdistan Region and Egypt combined with a one-off accounting gain to lift earnings.

Revenue for the first nine months of 2026 rose 48% to AED 1.38 billion, and earnings before interest, tax, depreciation and amortization climbed 61% to AED 917 million. The results include a one-off AED 176 million gain from a gas metering reconciliation recognized in the first quarter. Excluding that item, revenue grew 29% and net profit was AED 382 million, broadly flat compared with the same period last year.

Third-quarter net profit rose 50% year-on-year to AED 165 million. Group production averaged 55,800 barrels of oil equivalent per day over the nine months, up 6%, and reached 61,400 boe/d in the third quarter alone.

Output in Kurdistan averaged 42,300 boe/d for the nine-month period, with third-quarter volumes up 18% on higher utilization of the expanded Khor Mor gas plant, which is rated at 750 million standard cubic feet a day. In Egypt, average production rose 10% to 13,500 boe/d, and drilling activity added 50 billion cubic feet of gas resources during the period.

The company said collections from customers reached AED 843 million, split between AED 572 million from Kurdistan and AED 271 million from Egypt. Dana Gas said Egypt has had no overdue receivables since June 2026, a marked improvement from the payment delays that have periodically affected its Egyptian operations in the past.

In October, Pearl Petroleum, the entity through which Dana Gas and partners operate the Khor Mor and Chemchemal fields in Kurdistan, priced a $500 million five-year secured bond to refinance an existing $350 million bond. Corporate cash stood at AED 467 million as of September 30, with an additional AED 447 million held at the Pearl Petroleum level.

The improved underlying performance, once the one-off metering gain is excluded, points to steady rather than dramatic earnings growth, with higher output in both of the company's core operating regions offsetting broader volatility in regional hydrocarbon markets.