Wednesday , April 25 2018

Dana Gas Q1 profit nearly doubles as production rises

Local workers control a gas valve at the FGSZ Natural Gas Transmission Closed Company Limited, in Vecses, some 20 kms from Budapest on January 14, 2009. EU leaders kept up pressure today on Russia and Ukraine to resolve their gas dispute after an attempt to resume transit supply failed to deliver gas to European consumers. Hungary's daily gas consumption amounts to 64 million cubic metres, made up of less than 50 million cubic metres received from the Hungarian storage units, more than eight million cubic metres flowing in from Austria, around eight million cubic metres from the country's own gas fields anf more than eight million cubic meters are sent into the Serbian and Bosnian networks. AFP / ATTILA KISBENEDEK (Photo credit should read ATTILA KISBENEDEK/AFP/Getty Images)


Dana Gas PJSC profit nearly doubled in the first quarter as the United Arab Emirates-based natural gas producer boosted output. Net income rose to 40 million dirhams ($11 million) from 22 million dirhams a year earlier, the company said on Thursday in a statement to the Abu Dhabi stock exchange. Sales climbed 44 percent to 432 million dirhams.
Dana Gas, which pumps most of its gas at fields in Egypt and Iraq, is seeking to recover payments from both countries for overdue bills. The company was owed $1 billion from Egypt and the self-governed Kurdish region in northern Iraq at the end of the quarter. The receivables rose from $982 million at the end of 2016 because payments from Egypt slowed, CEO Patrick Allman-Ward said on a media conference call.
Dana Gas shares rose 2.3 percent in Abu Dhabi, giving the company a market value of 3.1 billion dirhams. The stock has dropped 19 percent this year.

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