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UAE energy firm Dana Gas reported an 86 percent year-on-year increase in its collections, supported by higher oil prices and the settlement of past outstanding receivables.
From January to October this year, collections from the Kurdistan Region of Iraq (KRI) and Egypt reached $283 million, up from $152 million a year earlier, the natural gas company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
Patrick Allman-Ward, CEO of Dana Gas, also noted that the company’s outstanding receivables in the KRI from 2019 and 2020 have been fully paid. With the outstanding receivables now settled, the company will be able to continue its growth plans.
“The levels of collections in both the KRI and Egypt have been exceptional over the first ten months of the year due to the rise in oil prices. Continuing timely payment of invoices and the settlement of outstanding receivables is so important to providing us with the confidence to carry on with expansion plans in the KRI and Egypt,” Allman-Ward said.
“Together with the rebound in hydrocarbon prices, this will also boost our revenues, profitability and cash position.”
Dana Gas, which owns a 35 percent stake in Pearl Petroleum, said it has collected $133 million in Egypt during the first ten months of 2021, up by 96 percent from the $68 million received in the same period last year. Its collections in the KRI for the same period went up by 78 percent to $150 million.
The company has exploration and production assets in Egypt, KRI and the UAE.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021
