DUBAI: Dana Gas made a net profit of Dh128m ($34.9m) in the fourth quarter of 2013, up 12 percent from a year earlier, the United Arab Emirates energy company said yesterday.
Net profit for the full year fell 6 percent to Dh571m, due in part to rising royalty payments to the Egyptian government and lower sales of liquid petroleum gas (LPG) in the Kurdistan Region of Iraq.
Dana Gas said in its preliminary results statement that it had not received any significant payments from Kurdistan since July 2013 and was pushing for payments to resume as soon as possible.
“In the Kurdistan Region of Iraq, we continue to maintain operations and deliver on our commitments,” Chief Executive Officer Patrick Allman-Ward said. “We have also taken action to resolve our issues with the KRG and confirm our contractual rights.”
The company collected $134m in Egypt last year, leaving the trade receivables balance for its operations there at $274m at the end of December.
It collected $69m from Kurdistan in early 2013, but the flow of funds dried up over summer, leaving a trade receivable balance of $515m at the end of 2013 — up from $354 at the end of 2012.
Reuters
