Abu Dhabi – Mubasher: Collections of Dana Gas from Egypt as well as the Kurdistan Region of Iraq (KRI) jumped by 107% year-on-year (YoY) to $377 million (AED 1.38 billion) in 2021 from $182 million (AED 667 million), according to a bourse disclosure on Thursday.

The registered collections were enhanced by a sharp rebound in oil prices, besides the rapid pace of payments from Egypt and the settlement of KRI’s past outstanding receivables.

In Egypt alone, Dana Gas collected $193 million (AED 707 million) last year, compared to $80 million (AED 293 million) in 2020, marking a 141% YoY surge.

The Egyptian government’s payments resulted in lowering receivables of the UAE company from the Arab Republic to below $20 million (AED 73 million). This was the lowest level since Dana Gas first started operations in Egypt in 2007.

In December 2021, Egypt’s government carried out payments worth $48 million (AED 176 million) to Dana Gas.

CEO of Dana Gas, Patrick Allman-Ward, said: “The decrease of receivables in Egypt to the lowest level since 2007 and the payment of past outstanding receivables in the KRI further strengthened the company’s balance sheet that allowed us to make an additional interim dividend payment of 3.5 fils per share that was approved at the general meeting on 9 December.”