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دانة غاز DANAGAS Dana Gas reports record net profit of $ 279 million ( AED 1bn ) in 9M - 2021 9M 2021 Highlights ■ Revenue increased by 27 % to $ 334 million Average group production reached 63,200 boepd Collections reach $ 256 million in first nine months of 2021 , up 102 % " Board proposes 27 % increase in annual dividends Sharjah , UAE ; 14 November 2021 , Dana Gas PJSC ( " Company " ) , the Middle East's largest regional private sector natural gas company , today announced its financial results for the nine months ended 30 September 2021 . The Company's reported record net profit of $ 279 million ( AED 1,025mm ) as compared to a loss of $ 379 million ( AED 1,390mm ) in 9M 2020. The key drivers were higher oil prices , improved operational performance and other income . 9M 2021 profit included ‘ Other Income ' of $ 608 million ( AED 2,229mm ) and a $ 78 million ( AED 286mm ) reversal of impairments related to Egypt assets . Excluding the other income and impairments , the Company reported profit from operations of $ 99 million ( AED 364mm ) versus $ 31 million ( AED 113mm ) for 9M 2020 , an increase of 220 % reflecting strong underlying operating performance on the back of higher oil prices . Revenue for the first nine months of 2021 increased 27 % to $ 334 million ( AED 1,224mm ) compared to $ 262 million ( AED 960mm ) in 9M 2020 , supported by higher oil prices and higher production in Kurdistan Region of Iraq ( KRI ) . In the light of the Company's solid financial performance in the year to date , the Board of Directors of Dana Gas has determined to pay dividend of 7 fils per year payable in six monthly instalments of 3.5 fils , thereby increasing Dana Gas's annual dividend by 27 % from the existing 5.5 fils . A General Assembly Meeting will be held on the 9 December 2021 to approve the first interim dividend of 3.5 fils per share to be paid in December 2021 . Dr Patrick Allman - Ward , CEO of Dana Gas , commented : " The steps the Company has taken to increase production and reduce its cost structure and the progress it has made in increasing collections has well positioned Dana Gas to benefit from rising energy prices and create shareholder value . Operationally , the company's production in the KRI grew by 7 % and is on track with its expansion plans , with first gas from the KM250 project scheduled for April 2023. In Egypt , a five - well drilling program has been concluded and the additional production has almost entirely offset natural well declines . Our strong production and robust operational performance , coupled with high oil prices , has resulted in a much stronger financial position . This has been recognized by the Board who have called for a General Assembly to approve a new dividend policy to return additional cash to shareholders . " NIOC Arbitration Dana Gas has been informed by Crescent Petroleum that an award for damages in the first arbitration against NIOC has been made by the international arbitration tribunal on 27 September 2021. This first arbitration covers the period of the first 8.5 years of the 25 - year gas sales agreement from 2005 to mid - 2014 . The sum due to Dana Gas is $ 608 million ( AED 2,229mm ) . In addition , a second arbitration with a much larger claim for the 16.5 years covering the remainder 1