UAE’s Dana Gas has $434 mln cash after sukuk restructuring

Dana Gas currently has $434 million in cash as of September-end after completing the restructuring of its sukuk earlier this year, the UAE-based producer said in a statement on Wednesday.

The company’s cash position, down from $608 million at the end of 2017, can be attributed to completion of the restructuring, which involved a $235 million payment of principal, accrued profit and other costs, it said.

In addition, the company had also approved a dividend payment of $95 million to shareholders in May this year.

Dana Gas posted a six percent increase in its revenue in the first nine months of 2018 to $351 million from $330 million over the same period last year, driven by higher realized hydrocarbon prices.