EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



Dana Gas Q4 profit jumps, no details on sukuk
Published in Daily News Egypt on 30 - 01 - 2012

DUBAI: Dana Gas, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.
Abu Dhabi-listed Dana, which has operations in the UAE, Egypt and Kurdistan, made quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period.
A Global Investment House analyst had forecast quarterly profit of 151 million dirhams, in a Reuters poll. HSBC estimated quarterly profit at 146.9 million dirhams in an analyst note dated Jan. 30.
Dana reported full-year net profit of 506 million dirhams, up from 158 million dirhams in 2010. Reuters calculated quarterly profit from previous financial statements. Nine-month profit to Sept. 30 was 359 million dirhams.
Dana, which hired Deutsche Bank to advise it on the October Islamic bond, made no reference to how it will repay the outstanding $920 million on the sukuk in the statement.
Dana's share have been battered by fears it might struggle to honor the debt. Earlier this month, it said it would meet its debt obligations.
"Dana's share price has been under pressure as management has yet to announce a strategy to address a challenging liquidity position ahead of the October 2012 sukuk maturity," the HSBC note said.
"We believe a default is unlikely, as sukuk holders are more likely to agree to a restructuring that can enable Dana to monetize its assets rather than see a complex liquidation with recovery potentially below 40 cents on the dollar."
The Gulf's only listed natural gas firm has faced payment delays for gas delivered to Egypt, due to political unrest.
"The consequences of the so-called "Arab Spring" are presenting the oil and gas industry with considerable challenges in the short term, and Dana Gas is not immune to these," Dana Gas Chairman Hamid Jafar said in a statement.
Dana shares, down nearly 18 percent in 2012, were up 2.7 percent at 0745 GMT.
Gross revenues for the year jumped to 2.53 billion from 1.78 billion in the previous year, according to Dana's statement.


Clic here to read the story from its source.