Dana gas PJSC, in the Middle East of largest regional private sector natural gas company, has announced its financial results for the quarter March 31, 2011, 2010 ended 92 million, an increase of 180% compared to the first quarter with a net profit after tax of AED, and an increase of 56% compared to the last quarter of 2010.
Revenue from the sale of hydrocarbons on AED AED 616 million, with gross profit reached 337 million increase. These figures represent increases of 50% and 108%, compared to the same period of last year. This is coupled with higher market prices for oil, condensate and LPG due to the growth in the year 2011. Productionincreased in the entirety of 34%, operating activity of the company in Egypt, where new discoveries in production are captured and in Kurdistan region of Iraq, where production of the Khor MOR field continues to increase.
Earnings before interest, taxes, depreciation, amortization and exploration (EBITDAX) increased by 77% to AED 403 million versus the first quarter of the previous year. The above net profit after tax includes a unrealised profit of AED 326 million in the quarter for investment of the company in MOL (the Hungarian oil and gas company, one of our partners in the region of Kurdistan in the Iraq), equity capital according to the company's published methodology to the booked. The "comprehensive income" for the 3-month period is AED 418 million compared to AED 173 million in the same period for 2010.
Dana gas Egypt operations have continue to produce strong results 4.25 million barrels oil equivalent in the first quarter, an increase of 20% over the same period, the production of Delta and West Ward Ward include Delta fields that were brought on stream in March 2011. The company drilled an unsuccessful exploration well during and after the end of the period, on 3 may, a new discovery of South Abu El-Naga-2 in the West of El Manzala concession announced.
This well, that an assessment of announced South Abu El Naga field drilled was successfully assessed this discovery and also added a new pool discovery, which estimated that over 60 bcm contain gas is. In Kurdistan region of Iraq produced Dana gas, net, for his share of 40%, 1.75 million barrels oil equivalent gas, condensate and LPG during the period, 80% over the same period in the year 2010. Construction of the LPG plant at Khor mor is now complete and has begun the production of LPG. Gas production from Khor MOR increases with increasing demand from the power plants and as new customers in the region established are.
The quarterly performance said, Dana gas CEO, Mr Ahmed Al Arbeed:
' I am happy to report that net gains are Dana gas 2010 to 180% compared to the first quarter. This result is powered by the 34% increase in the production of Egypt and the region of Kurdistan in the Iraq. "
'Dana Gas' impressive exploration performance in Egypt continues with our twenty second discovery in the Nile Delta, we are particularly proud of the fact, as we have continued our operation without interruption of the changes to the Egyptian political scene.
Furthermore, with the successful conclusion of our gas processing plant in the region of Kurdistan in the Iraq, we continue to the depth to demonstrate our operational excellence, and we produce now gas, condensate and LPG ", said Mr Al Arbeed.
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