emirates7 - The Board of Directors of Dana Gas has announced that it will recommend the distribution of a 4.5 fils per share cash dividend for the second half of 2021, to bring the total dividend for the year ended 31st December 2021 to 8 fils per share, a 45 percent increase compared to 2020.

For the full year 2021, the Company achieved a net profit of AED1.2 billion ($317 million). On an adjusted basis, it posted a net profit of AED469 million ($128 million) when one-off non-cash impairments and other income were excluded.

Gross Revenue reached AED1.7 billion ($452 million), up 30 percent year on year, supported by higher oil prices and production in the KRI. The Company's collections in 2021 were the highest ever at AED1.4 billion ($377 million), and the year-end cash position stood at AED678 million ($185 million).

Commenting on the announcement, Hamid Jafar, Chairman of the Board of Directors, said, "Dana Gas achieved record profits and collections over the previous year, through careful management of costs and operations, and against a backof rising energy prices. This has enabled the Board to recommend a total of 8 fils in dividends for 2021, and the outlook for 2022 is positive given higher energy prices and the continued focus on management of operations and growth projects."