Dana Gas reports strong profit growth

Dana Gas reported a 125 per cent jump in its first quarter net profits to Dh206 million for the first quarter of 2012, up from Dh92 million in the corresponding period last year. Gross revenue increased 14 per cent to Dh700 million, up from Dh616 million, while gross profit grew 34 per cent to Dh451 million, up from Dh337 million, the company said in a statement. Its production, however, declined 5.5 per cent to 63,000 barrels of energy per day (boepd), from 66,800 boepd. Net profit rose principally from higher realised hydrocarbon prices during the quarter. The net profit excludes an unrealised gain of Dh135 million on Dana Gas's three per cent shareholding in MOL, the Hungarian listed oil and gas company and a strategic partner in Dana Gas's Kurdistan Region of Iraq operations.

NMC Health

NMC Health Plc, a leading integrated health care provider operating across the UAE, reported an 18.4 per cent increase in revenue to $166.4 million (Dh611.1 million) during the first four months of this year, up from $140.4 million in the corresponding period last year. Revenue in the health care division increased 22.3 per cent to $84.1 million on a year on year basis, reflecting an increase in occupancy levels and outpatients in all facilities.

Revenue in the distribution division increased 14.7 per cent to $82.3 million on a year on year basis, primarily from the introduction of new products into its portfolio in 2012. The company has drawn down $120 million of its JP Morgan loan facility to date. Net cash as of April 30 was $282.4 million.

Tiffany

Tiffany and Co, the New York-based jeweller, announced the transfer of operational, merchandising and sales and marketing management for the Tiffany and Co brand in the UAE from Damas Jewellery to Tiffany.

Until now, Tiffany has sold merchandise on a wholesale basis to Damas which operated the Tiffany and Co stores. Under the new agreement, the new entity will be incorporated in the UAE as TCO Damas Associates LLC. Tiffany also announced the appointment of Stephane de Palmas as general manager of the new UAE retail operation. De Palmas, 46, will be responsible for the overall management of the Tiffany and Co stores in Dubai and Abu Dhabi.

Türkiye Finans

Türkiye Finans, Turkey's leading participation bank, has signed the largest murabaha syndicated deal of the participation banking with a sum of $350 million (Dh1.28 billion). Led by ABC Islamic Bank, HSBC, Noor Islamic Bank and Standard Chartered Bank, the consortium included 29 banks from 15 countries.

With this murabaha syndicated loan deal, Türkiye Finans continues to create added-value for the Turkish economy by supporting the companies in need of corporate financing and SMEs in particular.

The deal marks the largest murabaha syndicated loan ever signed in the Turkish participation banking sector with $251.5 million, plus €76.5 million, equivalent to $350 million.

DP World

Standard and Poor's withdrew its credit rating on DP World after the ports operator objected to the way the agency assessed its financial health. S&P said it pulled the ratings at DP World's request. The company, a profitable part of indebted conglomerate Dubai World, is rated investment grade by Moody's and Fitch.

The world's third biggest ports operator was rated ‘BB/B' with a stable outlook by S&P, revised down in February from positive. The agency said DP World's financial risk profile was "aggressive" and the company would generate negative free operating cash flow in 2012 and 2013.

DIB Sukuk

Moody's Investors Service has assigned a provisional (P)Baa1 senior unsecured debt rating (outlook stable) to the $2.5 billion (Dh9.18 billion) sukuk programme to be established by DIB Sukuk Limited, a special purpose company established in the Cayman Islands.

The (P)Baa1 rating assigned to the trust certificates to be issued under the programme is at the same level as the long-term local-currency and foreign-currency deposit ratings of DIB.

— Compiled from staff reports & agencies