Payments received from Egypt, Kurdistan rose to $69M: Dana Gas

CAIRO - 11 May 2022: UAE Company, Dana Gas announced that the total cash payments received in the Kurdistan region of Iraq and Egypt increased by 18.2 percent to reach 253 million dirhams ($ 69 million) at the end of the first quarter of this year, compared to 213 million dirhams ($ 58 million) in the first quarter of 2021.

 

The company explained in a statement to the Abu Dhabi Securities Exchange, that the contributions of Egypt and the Kurdistan region of Iraq out of the total payments received to the company amounted to 62 million dirhams, equivalent to $17 million in Egypt, and $191 million dirhams, equivalent to 52 million in Iraq.

 

According to the statement, the amounts owed to the company in the Kurdistan region of Iraq amounted to about 216 million dirhams, equivalent to $59 million, in the same period of this year, compared to 176 million dirhams, equivalent to $48 million, in the first quarter of 2021.

 

The unpaid amounts due to the company in Egypt witnessed a significant improvement, as they decreased in the first quarter of 2022 to 114 million dirhams, equivalent to $31 million, compared to 480 million dirhams, equivalent to $131 million at the end of the first quarter of 2021.

 

The financial results of Dana Gas, the largest private company operating in the natural gas sector in the Middle East, showed an increase in its net profit by 125 percent in the first quarter of 2022, to reach 198 million dirhams ($54 million), compared to a net profit of about 88 million dirhams ($24 million dirhams) in the same period in 2021.

 

According to the company's results, its revenues increased by 32 percent in the same period of this year to reach 513 million dirhams ($ 140 million) compared to 389 million dirhams ($ 106 million) in the first quarter of 2021.