Sharjah, UAE – Dana Gas announced, on Friday, its financial results for the six months ending June 30, 202. During the first half of 2026, the company recorded net profits of 393 million dirhams ($107 million). Compared to 270 million dirhams ($73 million) during the first half of 2025, an increase of 47%.
The announced net profits included a positive non-recurring item worth 176 million dirhams ($48 million) related to recalculating the differences in the quantities of gas produced in the Kurdistan region of Iraq.
Excluding this item, net profits amounted to AED 217 million ($59 million). Net profits for the second quarter of 2026 amounted to about 123 million dirhams ($33 million), an increase of 10%, compared to 112 million dirhams ($30 million) in the second quarter of 2025.
Revenue
Revenues during the period increased by 51% to 946 million dirhams ($258 million), compared to 627 million dirhams ($171 million) in the first half of 2025.
Excluding this non-recurring item, revenues increased by AED 143 million ($39 million) year-on-year. This is mainly due to the high selling prices of hydrocarbon products achieved, the increase in production in Egypt, and the high quantities of gas sold by the Pearl Petroleum consortium.
Profitability levels reflected the higher cost base following the completion of the Khormore 250 project. Including increases in operating, consumption and financing costs, along with the impact of short-term production disruptions resulting from regional events.
These effects are expected to decline as the company moves towards raising production rates to allow it to benefit from its production capacity.
At the operational level, production in Egypt continued its upward trajectory, benefiting from the momentum of the investment program and the continuation of excavation work.
In the Kurdistan Region of Iraq, the additional production capacity provided by the Khormore 250 project remained operational. However, the disruptions caused by regional security developments limited the possibility of fully utilizing this production capacity during various periods of the first half.
Operating and production developments
The group’s average production during the first half of 2026 was about 52,900 barrels of oil equivalent per day, which is largely stable compared to an average production of 52,750 barrels of oil equivalent during the first half of 2025.
The growth in production in Egypt contributed to offsetting the impact of precautionary operational stops in the Kurdistan Region of Iraq, linked to regional security developments.
In the Kurdistan region of Iraq, Dana Gas’s average production reached 39,600 barrels of oil equivalent per day. A slight decrease of 2% compared to an average of 40,300 barrels of oil equivalent per day during the same period of the previous year.
In Egypt, the company’s average daily production increased by 7% to reach 13,300 barrels of oil equivalent. Compared to 12,450 barrels of oil equivalent during the first half of 2025, continuing its upward trajectory and the continuous improvement recorded since the beginning of the year.
liquidity
Dana Gas’s consolidated cash balance amounted to AED 843 million ($230 million) as of June 30, 2026, compared to AED 638 million ($174 million) as of June 30, 2025.
The company’s available liquidity includes 348 million dirhams ($95 million) held by the Pearl Petroleum consortium.
The total payments received during the period amounted to 616 million dirhams ($168 million). Of these, 381 million dirhams ($104 million) were from the Kurdistan region of Iraq, and 235 million dirhams ($64 million) were from Egypt.
During the period, Dana Gas withdrew the entire value of the banking facility amounting to 275 million dirhams ($75 million). Which it obtained earlier this year, enhancing the group’s liquidity and financial flexibility.
The company also completed the payment of cash dividends for fiscal year 2025 at a rate of 6.5 fils per share. With total cash distributions amounting to 455 million dirhams ($124 million) to the company’s shareholders.
