Abu Dhabi – Mubasher: Dana Gas on Sunday announced that it has received a payment of AED 70 million ($19 million) from its operations in Egypt.
The amount consists of a $10 million payment from Egypt in Egyptian pounds and $9.0 million from the sale of a shipment of El Wastani condensate, Dana said in a statement to the Abu Dhabi Securities Exchange (ADX).
The Abu Dhabi-based gas company’s receivables from the North African nation are part of the government’s ongoing efforts to reduce their receivables position to zero in 2019.
“In 2018, the Company made good progress in reducing its outstanding balance of overdue receivables. As at 31 December 2018, the net receivables position reduced by 39% to $140 million, the lowest level since 2011,” the statement said.
During the full-year 2018, the Abu Dhabi-listed producer Dana Gas suffered AED 681 million ($186 million) in net losses, against a net profit of AED 304 million ($83 million) in 2017.
By the end of Thursday’s session, Dana Gas’ stock rose 1.09% at AED 0.92.
