Dana Gas’ Board recommends a dividend of AED 385 million

The recommendation comes as Dana Gas successfully strengthened its balance sheet, following higher collections, improved cash flow, and proactive financial management in 2024. The Company’s total collections rose to AED 1.2 billion ($326mm), a 37% increase from 2023, supported by the direct payment mechanism in the Kurdistan Region of Iraq (KRI) and improved receivables management in Egypt.

Hamid Jafar, Chairman of the Board of Directors, said: “The Board’s dividend recommendation reflects Dana Gas’s strong financial performance and confidence in its long-term outlook. Strengthening our balance sheet and enhancing cash flow have been key priorities in 2024, and the significant progress in this area enables us to resume sustainable dividend payments while continuing to invest in future growth projects that will support growing dividends in the future. With the KM250 expansion project on track and the successful signing of the Egypt Consolidation Agreement, Dana Gas is well-positioned to capitalise on future opportunities and create long-term value for shareholders while maintaining financial discipline”

Dana Gas delivered solid financial and operational performance in 2024, reporting a 5% increase in revenue to AED 1.63 billion ($445mm) and a net profit of AED 553 million ($151mm). The Company also continued advancing the KM250 expansion project, which remains on track for first gas in Q2 2026, and formally signed its new Consolidated Concession Agreement in Egypt, supporting long-term growth and investment in the country.

The Company’s strengthened financial position was supported by AED 488 million ($133mm) in dividends received from Pearl Petroleum and a reduction in corporate debt by over $78 million in 2024, bringing it down to $28 million.

The Board’s recommendation will be subject to shareholder approval at the upcoming Annual General Meeting (AGM) on 16 April 2025.