RAK Petroleum back in profit

Dubai: Ras Al Khaimah Petroleum, a UK-based company operating oil and gas concessions in the Middle East and Africa, said on Monday it had returned to profitability, posting a net profit of $54.8 million (Dh201 million) for the financial year 2017.

A year earlier, the company reported a net loss of $7.3m.

According to RAK Petroleum’s financial statements, the firm ended last year with a net cash position of $30m, compared with its net debt position at the end of 2016 of $139m.