The UAE-based Dana Gas swung to a net profit of $317 million (1.16 billion dirhams) for full year ended 31 December 2021, from a net loss of $376 million in the year-ago period on higher oil prices, improved operational performance and other income.

However, the net profit missed the median analyst estimates of $327 million, as per Refinitiv data. Chief executive Patrick Allman-Ward said the higher profit was due to the record gas and LPG production in the Kurdistan Region of Iraq (KRI) in December. He said the expansion works at the Khor Mor plant was progressing on schedule. "The 1st KM250 gas train is expected to go onstream as scheduled in Q2 2023."

'Other Income' included $608 million from an arbitration award, which was partially offset by impairments of $451 million related to UAE gas assets and goodwill, the energy company said in a statement on the Abu Dhabi Securities Exchange where its shares trade.

Revenue increased 30% to $452 million in 2021 compared to $349 million in 2020, supported by higher oil prices and higher production in KRI, Dana said. Total collections amounted to $377 million in 2021 compared with $182 million in 2020 with Egypt and KRI contributing $193 million and $184 million respectively.

The Sharjah-based company had decided in November to hike annual dividends by 27% to 7 fils ($0.019) payable twice yearly. The 1st interim dividend of 3.5 fils was distributed in January 2022 following shareholders’ approval in December 2021.