DANA GAS (DANA) Q1 2025 earnings summary

Executive summary

• Net profit increased 13% year-over-year to $43 million (AED 158 million), supported by improved gas pricing in Egypt, lower finance costs, and reduced DD&A charges.

• Revenue declined 6% year-over-year to $91 million (AED 334 million), mainly due to lower production in Egypt and lower realized hydrocarbon prices.

• Group operations remained stable; Khor Mor field cumulative production surpassed 500 million boe, and daily gas output reached 525 MMscf/d.

• Shareholders approved a $105 million (AED 385 million) dividend for FY 2024, to be paid in May 2025.

Financial highlights

• EBITDA for Q1 2025 was $58 million, down 5% from Q1 2024.

• OPEX and G&A costs at $3.6/boe, remaining within the industry's top quartile.

• Cash balance rose to $373 million (AED 1.4 billion), including $214 million at Pearl Petroleum JV.

• Total debt stands at $285 million (AED 1,045 million), with $74 million as corporate debt.

• Collections reached $70 million (AED 257 million) in Q1 2025, with 100% collection in KRI and 92% in Egypt.

Outlook and guidance

• KM250 project in KRI is on track for early completion in Q1 2026, expected to add 250 MMscf/d capacity and increase output by 50%.

• First phase of $160 million Chemchemal field development initiated, targeting 75 MMscfd production in H2 2026.

• Egypt investment program underway, with $100 million committed over two years to drill 11 wells; first well to spud in June 2025.