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FINANCIAL NEWS
UAE’s Dana Gas reports USD165m profit in 2012
03 Feb 2013
(MENAFN) Sharjah’s Dana Gas reported a 20 percent increase in full-2012 profit, thanks to higher oil prices and lower costs, Reuters reported.
The Abu Dhabi-listed energy firm said it made USD165 million net profit last year, up from USD138 million in 2011.
It also said that its cash balance climbed by 47 percent to USD165 million by the end of last year, while total assets reached USD3.5 billion.
The company, in which Sharjah’s Crescent Petroleum owns 20 percent stake, was hit by delays on payments for its supplies of natural gas to Egypt and Iraq’s Kurdistan region.
In December, Dana Gas agreed with creditors to amend terms of a USD920 million Islamic bond, which it had failed to pay at maturity in October.
Dana said it collected USD301 million from its share of receivables in Egypt and Kurdistan region of Iraq last year.
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