UAE's Dana Gas 2012 Net Profit Rises 20% - Gulf Business
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UAE’s Dana Gas 2012 Net Profit Rises 20%

UAE’s Dana Gas 2012 Net Profit Rises 20%

The energy firm is currently restructuring a $920 million Islamic bond.

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.


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