Lebanon president says he knew of highly explosive material at Beirut's port in July    Lebanon navigates food challenge with no grain silo and few stocks    Microsoft could buy TikTok for as much as $30 billion    Around 50,000 tourists visited Sharm El-Sheikh, Hurghada since easing lockdown    New Suez Canal revenues record $27.2bn in five years    Dow futures fall 100 points amid Trump's ban order on Chinese apps    China's exports increase 7.2% Y-o-Y in July due to demand for medical supplies    Trump issues executive orders banning WeChat and TikTok in 45 days    Egypt, Greece sign maritime demarcation agreement    Live score: Manchester City v Real Madrid (UEFA Champions League)    Death toll from Beirut port blast rises to 154, says Lebanon state news agency    Africa passes 1M confirmed virus cases; true number far more    South Korean doctors strike over plan to boost medical student numbers    Morelos distracted by speculation, says Rangers boss Gerrard    Tennis: Martic, Kontaveit dig deep to advance to Palermo quarter-finals    Philippines records most coronavirus cases in eastern Asia after new surge    India suffers record jump in COVID-19 cases to pass 2 mln    Egypt's net foreign reserves edge up to $38.315 bln in July: Central Bank    IMF says exploring ways to aid Lebanon, calls for movement on reforms    Call for submissions for Egypt's 'Golden Talent' competition for people with special needs    South Africa calls for 'amicable solution' for GERD    Foreigners staying in Cairo without residency permits to not allowed in resort towns    Egypt records 123 new coronavirus cases, 18 deaths on Wednesday    Egypt rejects Ethiopia's latest proposal on GERD: Irrigation ministry    Senate slam dunk    Don't miss the concerts of Boghdady Jazz Big band    My visual diary    African Champions League final will be played on Oct. 16-17, CAF says    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    Sisi: Egypt favours negotiations over a military solution to resolve Nile dam crisis: Al-Sisi    No room to delay Egyptian Premier League games – EFA's board member    Egypt's President Sisi ratifies extending state of emergency for 3 months    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Hyksos campaigns were internal takeover, not foreign invaders: study    Reports over Ethiopia filling mega-dam    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    Farwell to 74-year old Egyptian military production minister El-Assar    







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





Dana Gas receives $164m in arrears from Egypt in 2017
UAE-based company says its total receivable balance fell 14% to $228m
Published in Daily News Egypt on 11 - 02 - 2018

Dana Gas on Sunday said that its receivables from Egypt stood at $164m in Egypt in 2017, accounting for 129% of billings, according to a filing to the Abu Dhabi Securities Exchange (ADX).
Accordingly, Dana's total receivable balance in Egypt fell 14% to $228m last year from $265m.
Last week, Egypt's Finance Minister Amr El-Garhy said the country had paid $200m in arrears owed to foreign oil companies in January, and would pay another $550m in February and March.
Egypt owed foreign oil companies $2.4bn at the end of June 2017, the Petroleum Ministry said this week. No updated figure was available.
Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, as part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.
Meanwhile, the UAE-based energy producer Dana on Sunday reported turning a profit in 2017 of AED 305m ($83m) after taxes against AED 323m in losses ($88m) in 2016.
Moreover, full-year gross revenues grew 15% to AED 1.649bn from AED 1.437bn in 2016.
Dana Gas attributed the revenue rise to improved production from its operations in Egypt and the Kurdistan Region of Iraq, according to a filing to the ADX.
Dana Gas' average production in 2017 reached 67,600 barrels of oil equivalent per day (boepd), registering a rise of 1% from 67,050 boepd recorded in 2016.
Moreover, realised prices for liquids increased 21% in 2017, contributing a gain of AED 179m ($49m), while production also grew, adding a further AED 33m ($9m) to the topline.
Dana Gas further revealed that its total assets had increased slightly to AED 13.864bn ($3.78bn) in 2017 from AED 13.800bn ($3.765bn) in 2016.
"Shareholders' equity continues to be strong at AED 10.5bn ($2.9bn)," the company stated.
As for the fourth quarter (Q4) of 2017, the Abu Dhabi-listed gas company said it trimmed its losses by 63% to AED 153m from AED 418m in Q4 2016.
Losses per share (LPS) fell to 2.2 Emirati fils per share in Q4 2017 from 6 fils in the year-prior period.
Dana Gas had previously logged a 700% year-over-year surge in net profits to AED 375m in Q3 2017 from AED 47m.


Clic here to read the story from its source.