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FINANCIAL NEWS
UAE’s Dana Gas Q2 net profit up to USD33.7m
11 Aug 2011
(MENAFN) Dana Gas’ Chief Executive, Ahmed Al Arbeed, said that due to increasing oil prices and a surge in the company’s output at its operations in Egypt and Iraq, in the second quarter, net profit grew reaching USD33.7 million from USD8.9 million in 2010, reported Emirates 24/7.
Al Arbeed added that in the quarter, revenue from hydrocarbons’ sales reached USD170.6 million, whereas revenue from its Egypt’s operations reached USD35 million and revenue from Iraq’s operations reached USD21.7 million.
He also said that since the company didn’t receive payment for gas delivered in Egypt, it started discussions with the authorities in order to accelerate the payments of its overdue receivables in the country.
It is worth noting that output in Dana Gas’ operations in both Iraq and Egypt grew 20 percent in the quarter.
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