Dana Gas Net Income AED 784 million for the first ten months

In its third quarterly results, Dana Gas reported a net income of AED 784 million for the period from the commencement of its first reporting year to 30th September, equating to 13 fils per share. The Company's total assets were AED 7.474 billion, and their income for the third quarter was AED 46 million.

'Dana Gas has achieved several important milestones in its first ten months', said Mr. Rashid Saif Al-Jarwan, General Manager. 'Aside from preparing for commencement of its UAE gas operations, the company has completed its first acquisition, its first new project development, and its first international strategic alliance. Key to our success has also been the successful building of an experienced management team of regional and international energy professionals.'

Mr. Al-Jarwan went on to add:

'In the UAE, the Company's SajGas subsidiary has achieved good progress on preparations for imported gas, including integration with the existing gas network in Sharjah, while our UGTC subsidiary is currently constructing a 48 inch common user gas pipeline in a joint venture with Emarat, to transport both domestic and imported supplies to Hamriyah.'

'The Company's management team has also worked well to identify and pursue a number of acquisition opportunities throughout the region, culminating in the first agreement, signed during Ramadan, to execute a venture in which we will build, own, and operate the Egyptian Gulf of Suez Gas Liquids Plant in partnership with the state-owned Egyptian Natural Gas Holding Company, EGAS.'

He added: 'Dana Gas is expanding its scope of activities regionally, and also into new areas of the gas business, including exploration and production of gas, LNG trade such as with the recently signed alliance with SBM and entering into an MOU to target the Pakistan LNG terminal project, and also into petrochemicals, particularly within two countries in the Gulf region.

'This diversification and expansion strategy will enhance our capability to generate long-term growth and value to our shareholders. In addition we will be establishing offices throughout the region starting with Saudi Arabia, where the Company's registration has been officially sanctioned, and will soon open its Al-Khobar office to focus on the development of specific projects we are pursuing in the Kingdom.'

Dana Gas is listed on the Abu Dhabi Stock Market, and has the largest regional ownership amongst UAE listed companies with over 63% of its shares held by non-UAE citizens, mainly from across the GCC. In addition, its Board Members are from all the countries of the GCC. Headquartered in Sharjah, the Company is planning to open a network of branch offices across the GCC, with the aim of playing an active role in the natural gas sector across the region and the wider Middle East.