Abu Dhabi – Mubasher: The boars members of Dana Gas recommended a dividend payment of AED 385 million ($105 million) for 2024, according to a press release.
The ADX-listed company will distribute 5.50 fils per share to the shareholders, boosting its objective of maintaining a sustainable dividend policy.
Meanwhile, the dividends proposal will be subject to shareholder approval at the upcoming annual general meeting (AGM) on 16 April 2025.
Total collections rose to AED 1.20 billion ($326 million), marking a 37% year-on-year (YoY) increase, supported by the direct payment mechanism in the Kurdistan Region of Iraq (KRI) and improved receivables management in Egypt.
Hamid Jafar, Chairman of Dana Gas, said: “With the KM250 expansion project on track and the successful signing of the Egypt Consolidation Agreement, Dana Gas is well-positioned to capitalise on future opportunities and create long-term value for shareholders while maintaining financial discipline.”
Dana Gas delivered solid financial and operational performance in 2024, reporting a 5% increase in revenue to AED 1.63 billion ($445mm) and a net profit of AED 553 million ($151mm).
The company also advanced the KM250 expansion project, which remains on track for the first gas in the second quarter (Q2) of 2026.
Its strengthened financial position was supported by AED 488 million ($133 million) in dividends received from Pearl Petroleum and a reduction in corporate debt by over $78 million in 2024, bringing it down to $28 million.
