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UAE-based Dana Gas reported a 43% year-on-year drop in 2022 full-year (FY) net profit to $182 million from $317, and warned of collection-related challenges at its Kurdistan and Egyptian operations.
The result missed analysts’ average profit estimate of $223.5 million compiled by data provider Refinitiv.
Dana, the Middle East’s largest private gas company, said adjusted net profit excluding other income and impairment charges rose 53% to $196 million from $128 million in 2021.
Revenue increased 17% to $529 million due to higher real prices and production in the Kurdistan Region of Iraq (KRI).
Operating costs in 2022 are down 5% to $57 million, compared to $60 million in 2021.
Chief executive Patrick Allman Ward said the outlook for 2023 remains encouraging, especially if oil prices remain at current levels.
“However, various challenges remain, particularly collections in the Kurdistan Region of Iraq (KRI) and foreign currency withdrawals in Egypt.”
As of December 31, 2022, Dana’s receivables in Egypt and KRI rose to $30 million and $64 million, respectively. “The increase in KRI is the result of delays in the payment of invoices. In Egypt, the macroeconomic situation has led to restrictions on dollar repatriation,” the company said in a statement on Abu Dhabi’s ADX exchange.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
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