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Abu Dhabi-listed Dana Gas raises dividend to $85.8mln on strong cash flows

September 23, 2022
oil and gas

Natural gas company says high energy prices have boost its financial performance

UAE energy firm Dana Gas is set to deliver higher dividend to shareholders this month as high oil prices boost cash flows.

The company's board has approved an interim dividend payment for the first six months of the year of 4.5 fils per share, equivalent to AED315 million ($85.8 million), the company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Thursday.

The payout will be distributed by October 21.

According to Hamid Jafar, chairman of the board, the company has experienced 'robust operational and financial performance', thanks to higher energy prices and 'effective cost control' measures.

'High energy prices have contributed to our strong cash flow,' Jafar said.

During the first half of the year, the natural gas company saw its net profit rise by 82% year-on-year to AED407 million. The increase in earnings was driven by 'elevated' hydrocarbon prices.


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