Press releases, Reports & Disclosures for DANA GAS PJSC

On 14th March 2024, Dana Gas PJSC held a meeting to review the company's operations in Egypt, UAE, and Kurdistan Region of Iraq during 2023. The board approved the 2023 Reserves Report, the Directors' Report on the company's activities and financial position, and the financial statements for 2023. The auditor's report was also considered. The board decided to hold the Annual General Meeting of Shareholders on 17th April and a second call on 24th April 2024. The board recommended not distributing dividends for the financial year 2023 but will consider a special dividend upon collection of receivables. A proposed amendment to the Articles of Association was recommended for approval by the General Assembly to ensure at least one-third of directors are independent. Other routine matters were also considered.

Resolution No. (320) of 2024 announces the temporary suspension of trading on the shares of DANA GAS PJSC. This is due to a Board of Directors meeting scheduled for 11:00 on the 13th of March, 2024, which coincides with the trading session at ADX. Therefore, trading in DANA shares will be suspended from 09:00 on the same day until ADX receives the meeting results. The resolution also calls for all heads of departments in ADX to execute this resolution in their respective fields. The resolution is to be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was issued on the 8th of March, 2024.

Dana Gas PJSC has scheduled a board meeting for 13th March 2024. The meeting will discuss the company's operations in Egypt, the United Arab Emirates, and the Kurdistan Region of Iraq, as well as the Directors' Report and auditor's report for 2023. The Financial Statements for 2023 and a proposal not to distribute dividends for the same year will also be discussed. Other topics include the 2023 Reserves Report, a proposed amendment to the Articles of Association, and an invitation to the Annual General Meeting of Shareholders in April 2024. The meeting will be authorized by Omran Al Zamani, the Board Secretary.

The text is a formal letter from Dana Gas PJSC, based in Sharjah, U.A.E., dated 1st March 2024. The letter is addressed to the Securities & Commodities Authority and the Abu Dhabi Securities Exchange. It notifies them of the resignation of Mr. Ajit Joshi from his position as a Director of the company, for personal reasons, effective from 29th February 2024. The letter is signed by Omran Al Zamani, the Board Secretary.

Dana Gas, the Middle East's largest private sector natural gas company, has reported a net profit of AED 586 million ($160mm) for FY 2023, down from AED 667 million ($182mm) in FY 2022. The decrease in profits was attributed to lower hydrocarbon prices, despite an increase in production in the Kurdistan Region of Iraq (KRI) and reduced operating costs. Revenue decreased by 20% to AED 1.55 billion ($423mm) in 2023, compared to AED 1.94 billion ($529mm) in 2022. Operational costs decreased by 7% due to prudent cost controls. In 2023, the company's net production in the KRI increased by 8% to 36,900 boepd. Dana Gas also made progress on its KM250 expansion project and expects completion in the second half of 2024. The company has also improved its collections, including past receivables, through a new payment mechanism in the KRI.

On February 7, 2024, Dana Gas PJSC held a board meeting from 11:10 AM to 3:00 PM, with all 11 board members present, achieving a 100% quorum. The board reviewed the company's operations in Egypt, UAE, and Kurdistan Region of Iraq, as well as the preliminary financial results for the year ended December 31, 2023. Other routine matters were also discussed. The meeting's decisions were authorized by Board Secretary Omran Al Zamani on February 8, 2024.