Dana Gas' Board of Directors has decided to increase the company’s annual dividend by 27% in light of its robust and steadily growing financial performance. 

 

The Board has determined to pay dividend of 7 fils per year payable in six monthly instalments of 3.5 fils. 

 

A General Assembly Meeting will be held on the December 9, 2021 to approve the first interim dividend of 3.5 fils per share to be paid in December 2021. 

 

Hamid Jafar, Chairman of the Board, said: “The Board of Directors is encouraged by the recent positive trend of international energy prices and the company’s strong operational and financial performance. Accordingly, the Board has decided to recommend to shareholders an increase to the annual dividend by 27% to 7 fils payable in in six monthly instalments in line with the practice of a growing number of public companies, starting this quarter immediately following approval of the General Assembly.”

 

The company had announced earlier that its collections from the KRI (Kurdistan Region of Iraq) and Egypt increased 86% year-on-year in the first ten months of the year to $283 million (AED1.03 billion) from $152 million (AED557 million) in the same period the previous year supported by higher oil prices and the settlement of past outstanding receivables in the KRI.

 

The KM 250 expansion project is on track to deliver first gas in Q2 2023. This project is the first stage of a two-train expansion project at Pearl Petroleum’s Khor Mor plant that aims to boost total production capacity to approach 1 billion standard cubic feet per day. 

 

Pearl Petroleum recently signed a $250 million financing agreement with the US International Development Finance Corporation to support the Khor Mor gas expansion project.-- TradeArabia News Service