DNO, a RAK Petroleum Company operates the Kurdish fields of Tawke and Peshkabir. Ali Al Saadi / AFP
DNO, a RAK Petroleum Company operates the Kurdish fields of Tawke and Peshkabir. Ali Al Saadi / AFP

RAK Petroleum swings back to profit in 2017



Ras Al Khaimah Petroleum, which operates oil and gas concessions in the Middle East and Africa, swung back into the black, reporting a net profit $54.8 million for the financial year 2017, compared with a net loss of $7.3m the year earlier, the company said in its financial statement.

The group, which owns stakes in Norwegian explorer DNO and in Africa-focussed oil and gas company Foxtrot International had a positive effect from a receivables settlement agreement, which caused the book value of DNO - the operator of Tawke concession in Iraqi Kurdistan - to increase by $556m, Bijan Mossavar-Rahmani, the company's executive chairman of the board said in a statement.

DNO, which operates Peshkabir fields in Kurdistan, plans to spend $250m this year alone in the region, with plans for up to four wells. The operator aims to double production from the Peshkabir field alone to 30,000 barrels per day by summer, with output to be further boosted in the second half.

DNO said it received 12 monthly Kurdistan export payment in 2017 amounting to $380m (versus $202m in 2016) following the August deal, helping it to boost its cash flow. The company ended 2017 with a net cash position of $30m compared with a net debt of $139m at the end of 2016.

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In its latest financial statement, RAK Petroleum said that its stake in DNO had a market value of $506.7m based on quoted share price.

Total cash and cash equivalents of RAK Petroleum stood at $3.4m including its wholly-owned subsidiaries at $23.8m. Total bank debt came in at $30.6m and drawn from a lending arrangement with a UAE lender, the company said.

Net equity remained nearly flat at $669.1m compared with $625.5m for the financial year ending 2016.

The company’s ownership of DNO increased during the last financial year from 40.74 per cent to 41.80 per cent following the purchase of 27.3m additional treasury shares between March and July.

Foxtrot International, an explorer primary focused on Africa, saw a decline in net profit to $20.7m at the end of last year from $52.3m for the previous financial year, before accounting for depletion. Foxtrot, which accounts for nearly three-quarters of Cote d’Ivoire’s production of gas was affected by “non-cash adjustments to depreciation, depletion and amortisation of petroleum assets as well as the write-off of an exploration well,” the company said.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The Bio

Ram Buxani earned a salary of 125 rupees per month in 1959

Indian currency was then legal tender in the Trucial States.

He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses

Buxani followed in his father’s footsteps when he applied for a job overseas

His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s

Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business

He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery 

Buxani lives by a simple philosophy – do good to all

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Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
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The%20specs
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MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45 2')

The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press

Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

The biog

Hometown: Cairo

Age: 37

Favourite TV series: The Handmaid’s Tale, Black Mirror

Favourite anime series: Death Note, One Piece and Hellsing

Favourite book: Designing Brand Identity, Fifth Edition