Dana Gas, the UAE-based natural gas company, has seen its earnings double from its operations in Egypt and Iraqi Kurdistan so far this year. The company’s earnings have seen a 102 percent jump to $256 million as compared to the same period last year.
Dana Gas collected $125 million in Egypt during the first nine months of 2021, compared to $53 million in the same period a year earlier, representing a 136 percent increase.
In the Kurdistan Region of Iraq (KRI), the company’s share of collections from sales of condensate, LPG and gas jumped 77 percent in the first 9 months of 2021, from $74 million in the same period the previous year to $131 million.
“Continuing timely payment of invoices and the settlement of outstanding receivables is key to providing us with the confidence to carry on with our expansion plans in the KRI and Egypt.” Patrick Allman-Ward, chief executive officer of Dana Gas, said.