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Sharjah’s Dana Gas and Abu Dhabi Ship Building reported their 2024 earnings, with Dana Gas seeing its bottom lines fall on a one-off impairment, and ADSB seeing its bottom line nearly double during the year.
DANA GAS-
Sharjah’s Dana Gas’ net income increased 15% y-o-y to AED 143 mn in 4Q 2024, driven by lower financing costs and additional revenue, according to the company’s earnings release (pdf). Revenue rose 64% y-o-y to AED 583 mn, boosted by a new consolidated concession agreement in Egypt.
Dana Gas secured a new consolidation agreement with Egypt’s Petroleum Ministry, receiving USD 20 mn from the Egyptian government in December. The funds will be reinvested in its Egypt operations and the first phase of its development program. The agreement also grants Dana Gas 297 sq km of new exploration acreage and improved fiscal terms.
REFRESHER- Dana Gas plans on investing USD 100 mn to expand its operations in Egypt, including the drilling of 11 new wells which will add 80 bn cbf of gas reserves to the country. This investment plan was however subject to the Egyptian government releasing USD 24 mn from an outstanding USD 59 mn receivables balance.
On an annual basis, the company saw its net income fall 5.6% y-o-y to AED 553 mn in 2024, according to the firm’s financials (pdf). The decline was attributed to an AED 121 mn impairment in Egypt related to costs from old concessions. Without this impairment, net income would have risen by 15% y-o-y to AED 674 mn. Revenue for the year grew 5.2% y-o-y to AED 1.6 bn, bolstered by improved fiscal terms from the new Egyptian concession agreement.
ADSB-
Abu Dhabi Ship Building (ADSB) reported a 92% y-o-y increase in net income to AED 77.3 mn in 2024, according to its earnings release (pdf). Revenues rose 19% y-o-y to AED 1.5 bn, driven by progress on key contracts, including the Falaj3 contract for four offshore patrol vessels for the UAE Navy and progress on the BR71 MKII corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy. The company also delivered two Adnoc tugboats and advanced its Small Boat, MRO, and Mission Systems segments.
