Dana Gas, the Abu Dhabi-listed energy firm restructuring a $920 million Islamic bond, said on Sunday its full-year net profit for 2012 rose 20 per cent on the back of higher oil prices and lower costs.
Dana’s 2012 net profit rose to $165 million from the $138 million it posted in 2011, the company said in a statement.
The company, hit by delays on payments for its supplies of natural gas to Egypt and Iraq’s Kurdistan region, reached an agreement with creditors in December to amend terms of a $920 million Islamic bond, which it had failed to pay at maturity in October.
Dana, in which Crescent Petroleum has a 20 per cent stake, said it collected $301 million from its share of receivables in Egypt and Kurdistan region of Iraq in 2012.
The company’s cash balance rose by 47 per cent to $165 million by the end of last year, while total assets reached $3.5 billion at the end of December.