Abu Dhabi – Mubasher: Dana Gas on Sunday said that its receivables from the Kurdistan Region of Iraq amounted to $466 million, bringing the total amounts it received from the Kurdish government to $7 million by the end of 2017.
Meanwhile, the UAE-based energy producer collected $164 million in Egypt in 2017, accounting for 129% of billings, according to a filing to the Abu Dhabi Securities Market (ADX).
Accordingly, Dana's total receivable balance fell 14% to $228 million last year from $265 million in Egypt.
The ADX-listed firm attributed the increase in its revenues and profits in 2017 to improved production from its operations in the North African nation and Iraqi Kurdistan.
The company’s revenues surged 15% year-on-year to AED 1.649 billion in 2017, up from AED 1.437 billion.
Dana Gas also posted that it generated profits of AED 305 million in 2017, compared to losses of AED 323 million a year earlier.
