Dana Gas KRI collections at $53 million year-to-date
SHARJAH, 20th April, 2021 (WAM) Dana Gas has announced that year-to-date Pearl Petroleum Company Limited has received $151 million (AED553 million) from the sale of gas, condensate and LPG, in the Kurdistan Region of Iraq (KRI). All invoices from the KRG continue to be settled in full and in a timely manner.
Dana Gas is a 35 percent shareholder in Pearl Petroleum and accordingly its share of KRI collections year-to-date is $53 million (AED 194 million), the company said in a statement on Tuesday.
Of Pearl Petroleum’s total collections this year, $24.6 million was received in respect of overdue receivables, of which Dana Gas’s share was $8.6 million. Pearl Petroleum’s overdue receivables from the KRI stand at $42 million following the most recent payment, with Dana Gas’s share at $14.8 million.
Dana Gas KRI collections at $53m
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(MENAFN - Iraq Business News) Dana Gas PJSC , the Middle East s largest regional private sector natural gas company, today announced its Preliminary Unaudited Financial Results for the full year ended 31 December 2020.
The Company reported a Net Profit of $36 million (AED 131mm) versus $88 million (AED 322mm) in 2019, excluding one-off non-cash impairments and other income. Including these one-offs, the Company reported a Net Loss of $376 million (AED 1.4bn) versus a Net Profit of $157 million (AED 575mm).
A total of $412 million (AED 1,51bn) of impairments were incurred mostly related to the sale of Dana Gas Egypt onshore assets.
Dana Gas s continued operations (Kurdistan Region of Iraq) contributed an annual net profit of $32 million reflecting the profitability of the remaining business despite the challenging year caused by the COVID-19 pandemic.