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Dana Gas collects $138m from operations in Egypt

Dana Gas collects $138m from operations in Egypt
Egypt’s outstanding receivables fell by 21% annually.
Dana Gas
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Cairo – Mubasher: Dana Gas has collected a total of $285 million from its operations in Egypt, the UAE, and Kurdistan Region of Iraq (KRI) during the full fiscal year ended 31 December 2019, compared to $334 million in 2018.

With Egypt contributing with $138 million, Dana Gas managed to cut its receivables in Egypt’s operations by 21% on an annual basis to $111 million (AED 407 million), compared to $140 million (AED 513 million) in 2018, according to a press release on Wednesday.  

In the meantime, KRI and the UAE contributed with $139 million and $8 million, respectively, to Dana Gas' receivables.

Moreover, the company’s year-end cash balance amounted to $425 million last year, up by 4% annually from $407 million.

Dana Gas has recently reported a net profit of $157 million (AED 575 million) in 2019, against a loss worth $186 million (AED 682 million) in 2018.