Dana Gas, the biggest publicly traded energy company in the UAE, reported a 27 per cent year-on-year rise in first-quarter net profit amid an increase in Kurdish region output and higher hydrocarbon prices.
Net income rose to Dh51 million in the first three months to the end of March, the company said in a statement to Abu Dhabi Securities Exchange, where its shares are traded. Revenue for the period rose to Dh271m from Dh267m, reported at the end of the first quarter of 2017, it said.
“The first quarter of 2018 saw Dana Gas continue to perform solidly from both a financial and operational perspective,” said Patrick Allman-Ward, chief executive of Dana Gas.
“We have delivered a good set of financial numbers for the first quarter ... we continue to collect payments regularly in the KRI [Kurdistan Region of Iraq] and our cash reserves increased further to $636m.”
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The company said the increase in revenue was due to the higher price for condensate which added Dh45m to the top line and helped offset a decrease in production in Egypt and the UAE, which impacted revenues by Dh37m.
In the Kurdish region, the Pearl Petroleum consortium, is on track to increase production by 20 per cent this year and 170 per cent by 2021, the company said.
Dana will contribute Dh257m towards capital expenditure as part of its 35 per cent shareholding in the consortium. The share of Dana’s capital expenditure will be covered from the Dh1.46 billion development fund, operating cash flow or third party financing, it said.
Dana Gas on Sunday said that it reached an agreement with a committee of creditors holding its Islamic bonds to restructure and refinance its $700m sukuk, which when finalised will end a protracted legal dispute that sent shockwaves through the Islamic finance industry.
The ad hoc committee of sukuk holders has entered into a binding agreement, which offers them two refinancing options. The transaction is expected to be completed by the first half of July, the company said in a bourse filing.
Dana Gas has been embroiled in a legal battle over the legality of its sukuk since last year when it surprised creditors including investment bank Goldman Sachs and Blackrock, the world’s biggest asset manager, by declaring its bonds non-Sharia complaint, citing changes in Islamic finance.
The agreement is contingent on various conditions being satisfied, including payment of costs of certain parties and termination of all current litigation, which has been value-eroding to all stakeholders, as well as a release of certain claims.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
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Wins: 28
Wins by KO: 26
Losses: 4
The specs
Engine: 1.5-litre turbo
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
UAE SQUAD
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
