For the FY2019, the company posted its highest annual net profit of Dhs575 million in seven years.

The Board of Directors of Dana Gas will recommend to shareholders at the Annual General Meeting on 14th April the distribution of 5.5 fils per share cash dividend for the Financial Year, FY, ended 31st December, 2019.

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75 per cent of Dana Gas production is natural gas at fixed prices

No impact on operations due to coronavirus

For the FY2019, the company posted its highest annual net profit in seven years of $157m (Dhs575m) as compared to a net loss of $186m (Dhs682m) in FY2018. Net profit from core operations, on a like-for-like basis, excluding one-off items increased by 80 per cent to $115 million (Dhs422m) compared to $64 million (Dhs235m) in 2018. The year-end cash balance is $425m (Dhs1,558m) vs $407m (Dhs1,492m).

Commenting on the announcement, Patrick Allman-Ward, CEO of Dana Gas, said, "This is our third consecutive year where we have delivered positive operational and financial results. Throughout 2019, we have added to our production and strengthened our operations, making us more resilient to the tough trading conditions the oil industry is facing currently.

"Since half of Dana Gas’ income is protected in low oil price environments, we are competitive and opportunistic at the current environment. This has led to the Board making a recommendation to distribute a cash dividend of 5.5 fils/share for the financial year ended 31 December 2019 subject to the approval at the Annual General Meeting," he added.