DANA GAS (DANA) Q4 2024 earnings summary

Executive summary

• Gross revenue rose 5% to USD 445 million for 2024, driven by improved fiscal terms in Egypt and higher Kurdistan production, partially offset by field declines and lower prices.

• Net profit was USD 151 million, down 6% year-over-year, impacted by a USD 33 million one-off impairment in Egypt; adjusted net profit rose 15% to USD 184 million.

• EBITDA increased to USD 263 million from USD 257 million in 2023.

• Average production fell 7% to 54,850 boepd, with Kurdistan up 4% and Egypt down 25%.

• Cash and bank balances surged to USD 317 million from USD 131 million, with strong collections in KRI.

Financial highlights

• Gross revenue: USD 445 million (+5% year-over-year); net revenue: USD 336 million.

• Net profit: USD 151 million (USD 0.021/share); adjusted net profit (excluding impairment): USD 184 million.

• EBITDA: USD 263 million (+2% year-over-year).

• Cash and bank balances: USD 317 million at year-end.

• Net cash position: USD 62 million, reversing net debt of USD 121 million in 2023.

Outlook and guidance

• Focus remains on maximizing value from existing assets and pursuing organic growth in core regions.

• Egypt: New concession agreement signed with improved fiscal terms and minimum exploration spend commitments.

• Kurdistan: KM250 gas project expected to complete in Q2 2026 after contractor change; security remains a concern.