Dana Gas Records $130 Million Net Profit in 2025 as KM250 Gas Plant Enters Operations in Kurdistan

SHARJAH | EcoPulse24

Dana Gas PJSC, the Middle East's first and largest private sector natural gas company, listed on the Abu Dhabi Securities Exchange (ADX), reported gross revenue of $348 million and net profit of $130 million for the full year 2025, according to the company's tenth annual sustainability report.

EBITDA reached $215 million. Cash collections totalled $303 million. The company's cash balance stood at $215 million at year-end. Market capitalisation was recorded at $1.641 billion.

KM250 Gas Plant Commissioning

The commissioning and start-up of the KM250 Gas Plant at Khor Mor in the Kurdistan Region of Iraq (KRI) was the primary operational development of 2025. The report states that total Scope 1 and Scope 2 GHG emissions reached 665,711 tonnes of CO₂ equivalent in 2025, compared to 273,268 tonnes in 2024. The KM250 facility accounted for 407,724 tonnes of Scope 1 emissions, covering commissioning from August through October 14, 2025, and production from October 15 onwards. Carbon intensity across the portfolio reached 13.03 kg CO₂e per barrel of oil equivalent, compared to 5.39 kg CO₂e/BOE in 2024.

The report states: "Although emissions in 2025 rose due to the launch and commissioning of this project, the long-term growth potential outweighs this." The company states that optimisation of the KM250 Gas Plant is ongoing, with a plan for reduction of emissions in 2026.

Dana Gas also states that Scope 1 and Scope 2 GHG emissions from existing operated assets decreased by over 45% between 2019 and 2025. The company voluntarily offset approximately 604,000 tonnes of CO₂e emissions in 2025.

Methane emissions across the portfolio reached 1,378 tonnes in 2025, with 1,253 tonnes attributed to the KM250 Gas Plant. Dana Gas is a signatory to the Aiming for Zero Methane Emissions Initiative, led by the Oil and Gas Climate Initiative, which targets elimination of methane emissions from operations by 2030.

Production and Reserves

Average daily gas production stood at 239 million standard cubic feet. Average daily condensate production reached 6,409 barrels and LPG production averaged 472 metric tonnes per day. Total production reached 53.5 thousand barrels of oil equivalent per day. The company's 2P reserves base stands at 1,107 million barrels of oil equivalent.

In Egypt, Dana Gas Egypt's independently audited 2P reserves as of December 31, 2025 stood at 19.6 MMboe, compared to 22.1 MMboe at year-end 2024. The report attributes the reduction to 2025 production of 4.6 MMboe, partially offset by a reserves replacement ratio of 46% for the 2P case. The Khor Mor and Chemchemal fields in the KRI were independently audited by Gaffney Cline Associates in May 2019, confirming net 2P reserves of 4.4 trillion standard cubic feet of gas, 136 million barrels of condensate, and 13.3 million tonnes of LPG.

Energy Supply

The report states that Pearl Petroleum, Dana Gas's joint venture in the KRI, supplied approximately 70% of the region's electricity needs during 2025. Since inception, the replacement of diesel with locally produced natural gas has avoided approximately 63 million tonnes of CO₂ equivalent emissions, generating an estimated $38.3 billion in fuel cost savings for the KRI government, including approximately $3 billion in 2025.

In Egypt, the report states that gas supplied by Dana Gas and WASCO joint venture operations accounts for approximately 70% of the energy used for electricity generation, with an estimated 25 million tonnes of CO₂ emissions avoided cumulatively.

Economic Distribution and Government Payments

Dana Gas generated direct economic value of $348 million in 2025, distributing $289 million across stakeholders including employees, governments, and providers of capital, and retaining $59 million. Egypt and the KRI received $88 million and $83 million respectively.

The company paid $67 million in taxes to the Egyptian government in 2025. The report states no payments to governments were recorded for the UAE or the KRI, reflecting the fiscal frameworks in those jurisdictions.

Total procurement spending reached $255 million, with 58% directed to local suppliers across 868 engaged local vendors.

Safety Performance

The report states zero fatalities in 2025 and 14 recordable injuries, corresponding to a Total Recordable Injury Rate of 1.09, compared to 1.62 in 2024. Both the El Wastani plant in Egypt and the Khor Mor Gas Plant in the KRI recorded nine consecutive years without a lost-time incident. Zero major road safety accidents were recorded. Zero significant hydrocarbon spills were recorded, the eleventh consecutive year at that level. Zero penalties for non-compliance with safety or social regulations were recorded.

Workforce

Dana Gas's full-time workforce totalled 80 direct employees at year-end 2025, across 13 nationalities, with joint venture employees reaching 1,199. Local nationals constituted 60% of Dana Gas's full-time workforce. Female representation among full-time Dana Gas employees stood at 24%. The report states zero instances of discrimination, harassment, bullying, or human rights violations were recorded in 2025. Zero incidents of corruption were reported.

CEO Richard Hall stated the company "delivered a resilient operational performance in 2025, maintaining stability across core assets in the UAE, Egypt, and the Kurdistan Region of Iraq."

The Dana Gas 2025 Sustainability Report was prepared in accordance with Global Reporting Initiative (GRI) Standards 2021, ADX ESG disclosure requirements, WEF Stakeholder Capitalism Metrics, and UN Sustainable Development Goals. The report does not carry third-party assurance of its ESG disclosures.

Data Table: Dana Gas PJSC - Key 2025 Performance Indicators

Source: Dana Gas PJSC Sustainability Report 2025

EcoPulse24 Analysis

Dana Gas's 2025 results reflect an active capital deployment year marked by the entry into production of the KM250 Gas Plant, a development the company identifies as the primary driver of both the emissions increase and future production growth.

The revenue figure of $348 million represents a decline from $445 million in 2024, a gap the report does not explicitly explain within the sustainability document; readers seeking a full financial reconciliation are directed to the company's 2025 Integrated Report.

The $303 million in cash collections and $215 million cash balance indicate the company maintained liquidity through the year.

For ADX investors and Gulf energy market observers, the KM250 ramp-up trajectory and the 2026 emissions reduction plan are the two forward indicators to monitor from this disclosure.