Abu Dhabi: Sharjah-based Dana Gas on Sunday said it received a payment of $19 million (Dh70 million) from its operations in Egypt with $10 million coming from the Government in Egyptian pounds and $9.0 million from the sale of a shipment of El Wastani condensate.
“The payment is part of the Government’s ongoing efforts to reduce their receivables position to zero in 2019,” the firm said in a statement.
In 2018, Dana Gas made good progress in reducing its outstanding balance of overdue receivables. As at December 31, 2018, the net receivables position reduced by 39 per cent to $140 million, the lowest level since 2011.
Dana Gas, listed on Abu Dhabi Securities Exchange swung to a net loss in 2018 due to one-time cash impairments.
The Middle East’s largest private sector natural gas company earlier this year reported a loss of Dh681 million in 2018 compared to a net profit of Dh304 million.
Revenue was 4 per cent higher at Dh1.7 billion compared with last year’s Dh1.65 billion due to higher realised prices of gas.
The company has exploration and production operations in Egypt, Kurdistan Region of Iraq (KRI) and UAE.