ERBIL, Kurdistan Region - The United Arab Emirates-based Dana Gas on Friday reported a five percent increase in its revenues for 2024, bringing in $445 million from its operations in the Kurdistan Region and Egypt.
“I am pleased with the progress we made in 2024… Additionally, thanks to the previously established payment mechanism in the KRI [Kurdistan Region of Iraq], we received regular payments throughout the year, reducing our outstanding receivables and strengthening our balance sheet,” said Richard Hall, CEO of Dana Gas.
Its revenues increased from $423 million in 2023 to $445 million in 2024. It reported a net profit of $151 million for the year.
Dana Gas operates the Khor Mor gas field in Sulaimani province. The field is a key fuel source for electricity generation plants in the Kurdistan Region.
“Khor Mor facilities currently supply more than 500 mmscf/d of gas to four power stations and enables the generation of approximately 2,800 MW of electricity which constitutes more than 75% of the KRI’s power generation,” read the report from Dana Gas.
“This supply of steady and affordable gas, results in significant fuel cost savings and affordable electricity for millions of Iraqis in the KRI and neighboring governorates, benefiting the whole of Iraq. Once completed, additional gas supplied by the KM250 project to the region’s power stations will play a vital role towards further supporting the economic development across the KRI and Iraq,” it added.
According to Dana Gas, once operational, the KM250 expansion will add processing capacity for an additional 250 million standard cubic feet per day (mmscf/d), significantly boosting the company’s cash flows and financial performance.
“We hope to build on these achievements in 2025. Looking ahead, we are optimistic about the future and are actively evaluating the resumption of sustainable dividend payments to our shareholders. We will also continue to focus on operational excellence, innovation, and strengthening partnerships in the KRI and Egypt to drive long-term growth,” read the statement from Dana Gas.
