10/08/2026 04:27 AST
Dana Gas, the Middle East's largest regional private sector natural gas company, reported a net profit of AED393 million ($107 million) in H1 2026, compared with AED270 million ($73 million) in H1 2025, an increase of 47%.
Reported net profit included a one-off gas metering reconciliation of AED176 million ($48 million) that was recognised in Q1. Excluding this item, net profit was AED217 million ($59 million).
Q2 2026 net profit was AED123 million ($33 million), up 10% from AED112 million ($30 million) in Q2 2025.
Revenue for the period increased 51% to AED946 million ($258 million), compared with AED627 million ($171 million) in H1 2025. Excluding the one-off item, revenue increased by AED143 million ($39 million) year-on-year, mainly due to higher realised hydrocarbon prices, higher production in Egypt and increased sales gas volumes at Pearl Petroleum.
Profitability reflected a higher cost base following completion of the KM250 expansion, including incremental operating, depreciation and finance costs, together with the impact of short-term production disruption. These impacts are expected to diminish as the company moves towards higher capacity utilisation.
Operationally, production growth in Egypt continued, supported by the investment programme and ongoing drilling activity. In the KRI, the additional processing capacity delivered by KM250 remained available, although regional security-related disruption constrained utilisation during parts of the period.
Richard Hall, CEO of Dana Gas, commented: "Our results show the resilience of the business. We managed to increase production and recorded higher net profit despite the regional security situation affecting utilisation of our expanded processing capacity in the KRI.
"We recognise and commend the resilience and dedication of our field employees in the KRI, who continued to operate under exceptionally challenging circumstances with safety as a key priority. The Khor Mor plant also demonstrated its reliability under demanding operating conditions. We were one of the only operators to maintain production throughout the disruption, in recognition of our responsibility to continue supplying gas for electricity generation. We also continue to engage constructively with the Kurdistan Regional Government on strengthening collections, which is essential to support future investment.
"This week, gas supplies commenced to Iraq's Ministry of Electricity. marking an important step as we begin to realise the benefits of our ongoing expansion programme. By leveraging the additional capacity created through the KM250 expansion, it lays the foundation for more cooperation on energy within Iraq's growing market, to strengthen energy security while supporting more reliable electricity services."
"In Egypt, production increased year-on-year for a second consecutive quarter, while all overdue receivables were settled and payments continued in full and on time. This gives us greater confidence to continue investing in the country," Hall said.
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