DANA GAS (DANA) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 was $73 million, a 1% increase from H1 2024, supported by strong KRI operations, improved Egypt gas pricing, and disciplined cost management, despite lower realized prices and a 29% production decline in Egypt.

• Gross revenue for H1 2025 was $171 million, down 10% year-over-year due to production decline in Egypt.

• EBITDA for H1 2025 was $105 million, down from $115 million in H1 2024.

• Production averaged 51,000 boepd in H1 2025, down 8% year-over-year.

• KM250 expansion in KRI is ahead of schedule, expected to materially uplift production and cash flow; Chemchemal development is progressing.

Financial highlights

• Net profit: $73 million (+1% YoY), despite lower realized prices.

• EBITDA: $105 million (-9% vs H1 2024); profitability supported by higher KRI output and Egypt gas pricing uplift.

• Revenue: $171 million (-10% YoY), mainly due to Egypt volume decline.

• OPEX & G&A: $3.7/boe, within top industry quartile.

• Cash and bank balance at period end was $174 million, down 45% from year-end 2024, mainly due to a $105 million dividend payment.

Outlook and guidance

• KM250 project in KRI expected to add 250 MMscf/d processing capacity, boosting output and cash flow.

• Egypt's $100 million investment program aims to drill 11 wells, add 80 bcf in gas recovery, and deliver over $1 billion in energy cost savings.

• Focus remains on maximizing value from existing assets and pursuing organic exploration and new business development.

• Capital expenditure is balanced with available cash to maintain financial robustness.

• Management prioritizes timely payments from government partners, sustainable dividends, and strategic growth in new markets.