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Dana Gas profits decline after Khor Mor field attack in Kurdistan Region

Dana Gas profits decline after Khor Mor field attack in Kurdistan Region
Dana Gas profits decline after Khor Mor field attack in Kurdistan Region

2024-08-08 11:20:05 - From: Shafaq News


Shafaq News/ Dana Gas, listed on the Abu Dhabi Securities Exchange, reported a 13.48% decline in profits for the first half of 2024 compared to the same period last year.

The company disclosed in a statement that it earned $72 million (263 million dirhams) in the first half of 2024. This compares with $83 million, or 304 million dirhams, in the same period of 2023.

Revenue fell by 14% to $190 million (696 million dirhams) in the first half of the current year, down from $222 million, or 814 million dirhams, in the first half of the previous year.

Dana Gas’s profit for the first quarter of 2024 dropped 24% year-on-year to 139 million dirhams ($38 million), compared to 183 million dirhams ($50 million) in Q1 2023.

On April 26, one of the condensate storage tanks at the Khor Mor gas field in the Kurdistan Region, where Dana gas operates, was attacked by a drone, leading to an immediate halt in production.

Production levels returned to normal within a few days after the Iraqi and Kurdistan Regional Governments took necessary measures, including serious commitments to enhance security and defensive capabilities at the Khor Mor field.