Dana Gas announced that its collections from Egypt rose by 141% to record $193 million in 2021, compared to $80 million in 2020, the company reported.
The total collections from Egypt in 2021 included a $48 million payment made by the Egyptian government in December.
It is worth noting that payments have reduced the company’s receivables from Egypt to below $20 million, which is considered the lowest level since Dana Gas commenced operations in the country in 2007.
Commenting on the unprecedented progress, CEO of Dana Gas Patrick Allman-Ward said, “We are extremely pleased by the strength of our collections in 2021, which have been enhanced by the rise in oil prices. 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 the 9 December.
This record levels of collections has also provided us with the confidence to pursue our investment plans in both the KRI and Egypt supported by higher hydrocarbon prices and an improving macroeconomic environment. Higher energy prices have a positive impact on the realized prices of the products sold by the Company and hence its profitability. As we start 2022, we will remain focused on profitably growing our business whilst maximizing shareholder value.”