The Middle East’s largest regional private sector natural gas company, Dana Gas, reported a net profit of $160 million in 2023, compared to $182 million in 2022.
Dana Gas stated that lower realized hydrocarbon prices were the main cause of the decline in profits, with lower operating expenses and increased production in the Kurdish Regional Government-governed territory of North Iraq also contributing to the decline.
The company said its revenue decreased by 20% to $423 million in 2023, compared to $529 million in 2022.
Richard Hall, CEO of Dana Gas, said, '2023 was an operationally strong year for Dana Gas, but not without its challenges.'
'During the last quarter of 2023, our financial position saw an improvement in our receivables in the KRG with a new mechanism agreed upon for direct payment from the power stations as well as a schedule to reduce past receivables, positioning us well for 2024, where enhancing our liquidity and reinstating dividends are key objectives for the company,' he said.
'Looking ahead to 2024, we will continue to work with our government partners in the KRG and Egypt to ensure timely payments of invoices and to achieve another year of successful operations,' he added.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr