SCZONE chair showcases investment opportunities to US institutions, companies    Eight Arab, Muslim states reject any displacement of Palestinians    Egypt launches 32nd International Quran Competition with participants from over 70 countries    Al-Sisi reviews expansion of Japanese school model in Egypt    Egypt launches National Health Compact to expand access to quality care    Netanyahu's pick for Mossad chief sparks resignation threats over lack of experience    EU drafts central energy plan to fix grid bottlenecks and save billions    United Bank to roll out specialised healthcare financing packages, including green financing: Kashmiry    US warns NATO allies against 'bullying' American defence firms amid protectionism row    Egypt signs $121 million deal with Cheiron for oil output boost    Egypt's NUCA, SHMFF sign New Cairo land allocation for integrated urban project    Egypt declares Red Sea's Great Coral Reef a new marine protected area    Gold prices fall on Thursday    Egypt recovers two ancient artefacts from Belgium    Egypt assumes COP24 presidency of Barcelona Convention    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE's Dana Q2 bottomline surges on high oil prices
Surge in profits for energy firm is driven by higher oil prices and a 20 per cent rise in production for its Egypt and Iraqi operations
Reuters Published in Ahram Online on 10 - 08 - 2011

United Arab Emirates energy firm Dana Gas more than tripled its second quarter net profit as higher oil prices and a 20 per cent rise in production at its Egypt and Iraqi operations boosted revenues, helping beating analysts forecasts.
Dana earned a net profit of 124 million dirhams (US$33.7 million) for the quarter ending 30 June, compared with 33 million dirhams a year-ago, the company said in a statement on Wednesday.
Analysts forecast an average profit of 103.38 million dirhams in a Reuters poll earlier this month.
Revenues from sale of hydrocarbons increased to 627 million dirhams in the second quarter due to strong production growth coupled with higher market prices for oil, condensate and liquefied petroleum gas, Dana said in the statement.
"This excellent outcome is driven by the 20 per cent increase in production from Egypt and the Kurdistan Region of Iraq and consequent increase in revenues accompanied by our tight control of costs throughout the organization," Dana's Chief Executive Ahmed al Arbeed said in the statement.
Dana said it received 130 million dirhams in revenues from Egypt and 80 million dirhams from Kurdistan. In early August, Dana said the firm had not received payment for gas delivered in Egypt.
The company is in discussions with the appropriate authorities to expedite payments of its overdue receivables in Egypt, and likewise in the Kurdistan Region of Iraq, the statement said.
Dana shares ended flat on the Abu Dhabi stock exchange Wednesday.

Clic here to read the story from its source.