Dana Fuel PJSC, the Center East’s largest regional personal sector pure fuel firm, introduced a web revenue of AED 553 million ($151 million) for the total 12 months 2024. The corporate additionally reported a 5% improve in income to AED 1.63 billion ($445 million), pushed by improved fiscal phrases underneath its newly signed Consolidated Concession Settlement in Egypt.
Monetary Highlights:
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Income Development: 5% improve to AED 1.63 billion ($445 million) in comparison with 2023.
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Internet Revenue: AED 553 million ($151 million), impacted by a one-off impairment cost of AED 121 million ($33 million) in Egypt. Excluding this, web revenue stood at AED 674 million ($184 million), a 15% rise.
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This autumn Efficiency: Income surged 64% to AED 583 million ($159 million), with web revenue rising 15% to AED 143 million ($39 million).
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Money Collections: Elevated 37% to AED 1.2 billion ($326 million), supporting monetary stability.
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Liquidity: Money stability at year-end stood at AED 1.16 billion ($317 million), with whole consolidated debt of AED 934 million ($255 million).
Key Developments:
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Dividend Resumption: Dana Fuel is evaluating the resumption of sustainable annual dividends, topic to Board approval.
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KM250 Enlargement: Pearl Petroleum resumed building of the KM250 undertaking, anticipated to begin fuel manufacturing by Q2 2026, including 250 MMscf/d processing capability.
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Egypt Settlement: A brand new consolidated concession settlement was signed, enhancing fiscal phrases and securing a $100 million improvement program.
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Manufacturing Decline: Group manufacturing fell 7% to 54,850 boepd, pushed by a 25% discount in Egypt, offset by a 4% improve within the Kurdistan Area of Iraq (KRI).
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Levidian Partnership: Dana Fuel partnered with UK-based Levidian to pilot LOOP know-how, aiming for near-zero methane emissions by 2030.
CEO Richard Corridor expressed confidence within the firm’s future, highlighting strategic developments in Egypt and the KRI, and reaffirming its dedication to monetary stability and development. The corporate continues to strengthen partnerships and drive innovation to help long-term enlargement.
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