By: Mahmoud Gamal

Dubai – Mubasher: Dana Gas’ stock market capitalisation surged 22.6% to AED 6.42 billion in March, amid positive expectations regarding the company’s performance.

In March, the stock’s liquidity reached around AED 273.26 million, jumping 22.7% to AED 0.92, its highest level in more than four years.

The negative impact of Dana’s sukuk case was offset by the positive news of a potential ruling in favour of the UAE-based energy producer in the litigation with the Iranian National Oil Company, senior financial analyst at Mena Corp Issam Kassabieh commented.

In that case, the Abu Dhabi-listed producer will receive huge amounts, which may exceed the value of the contested $700 million sukuk.

The hearing of the claim raised by one of Dana’s shareholders was adjourned to 4 April to give the plaintiff’s lawyer – as Black Rock’s representative did not attend the trial – enough time to notify all the case’s parties, Mohammmad Mubaideen Head of Investor Relations said.

Dana Gas posted that its profits declined to AED 305 million ($83 million) during the full-year 2017 from AED 323 million ($88 million) a year earlier.

Translated by: Muhammad Khalid