Dana Gas withholds dividend for 2nd year in row

The company posted a 15% rise in full year net profit to AED528mn ($143.47mn) compared to AED457mn ($124.41mn) earlier

Dana Gas ended 2015 with an average total production of 63,900 boepd.
Dana Gas ended 2015 with an average total production of 63,900 boepd.

Dana Gas on Sunday said its shareholders have decided to withhold the dividends for a second year in a row.

The shareholders also discussed and approved the financial statements for 2015, the company said in a statement posted on Abu Dhabi Securities Exchange’s website.

The company posted a 15% rise in full year net profit to AED528mn ($143.47mn) compared to AED457mn ($124.41mn) earlier. The company reported gross revenues of AED1.5bn ($408.36mn) in 2015.

The company ended the year with an average total production of 63,900 barrels of oil equivalent per day (boepd), a 7% decrease compared to 68,900 boepd at end 2014, although production in Kurdistan saw an increase of 800 boepd (3%) of production.

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