By: Mahmoud Gamal

Abu Dhabi – Mubasher: Dana Gas has been set to grow after receiving its dues from Egypt in May 2017, indicating a continuous improvement in its profits by the end of 2017, according to statistics compiled by Mubasher.

In May 2017, Dana Gas has received AED 257.2 million ($70 million), the statistics show.

On Thursday, Dana announced that the Egyptian government paid $50 million as part of its delayed dues, in addition to another payment of $20 million on Sunday.

The payments represent 25% of Egypt’s total dues to the company, which reached $283 million by the end of the first quarter of 2017.

Egypt’s payments will reduce Dana Gas’ increased allocations from last year which had been used to face the delay of these payments, Fadi El-Ghattis, CEO of Topsy Turvy, told Mubasher.

The decline in these allocations will raise the firm’s revenues, and therefore positively impact profits by the end of 2017, El-Ghattis added.

Egypt’s payments are encouraging as they allow Dana Gas to discuss possibly increasing investments in the country during 2017 and 2018, CNBC Arabia said, citing Dana Gas’ CEO Patrick Ward.

Dana’s revenues from operations in Egypt rose 23.5% reaching $42 million in the first quarter of 2017, compared to Q1-16.

The company’s revenues from Egypt represented 36% of total revenues, which reached $117.57 million, statistics showed.

Dana’s production in Egypt rose 24% to 41,000 barrels.

Quarter-on-quarter, Dana Gas’ profits surged 82% to $10.9 million in Q1-17 from $6 million in Q1-16, according to the company’s financial statements.

Translated by: Mohamed Hesham Azab