Business is booming for UAE firm Dana Gas. Revenues and profits rose in Q1 amid higher oil prices. A key expansion project has resumed in Kurdistan and after halting the planned sale of its Egypt assets, Dana is now “fully committed” to the country.
The improved global oil market conditions have greatly strengthened Dana’s financial position. Net profits in Q1 of $24mn were up 41% year-on-year, while the firm’s cash balance of $149mn was up from $108mn at the end of 2020. (CONTINUED - 863 WORDS)