RAK Petroleum announces fifth consecutive year of profitability

Ras al-Khaimah (WAM): RAK Petroleum Public Company Limited, the energy investment company, yesterday announced a net profit of Dh 58.1 million for the year ended 31st December 2013, marking a fifth consecutive year of profitability. The company’s assets include a 42.8 percent shareholding in DNO ASA, the Oslo-listed oil and gas company with operations in the Middle East, and a 100 percent shareholding of Mondoil Enterprises, LLC., which holds an indirect 8 percent stake in Cote d’Ivoire Block 27 containing that country’s two largest producing gas fields. Under equity accounting rules for associated companies, RAK Petroleum assumes a proportionate share of DNO’s profit and loss in its own financial results. RAK Petroleum’s share of DNO’s 2013 net profit amounted to Dh34.0 million in 2013. Mondoil Enterprises’ net profit was Dh51.3 million. Adjustments for other income and general and administrative expenses brought net profit for the year to Dh58.1 million. Early in 2014, Mondoil Enterprises added to its exploration portfolio by acquiring an indirect 9.2 percent stake in Cote d’Ivoire Block 502 and another transaction is pending which will raise the indirect stake in Cote d’Ivoire Block 27 to 9.1 percent. "Last year was a banner year for RAK Petroleum and its shareholders, with significant growth in our DNO investment, while Mondoil Enterprises generated Dh85.2 million in cash distributions which were re-invested in the capital expansion programme of Cote d’Ivoire Block CI-27 and helped fund other corporate investments and expenditures," said Bijan Mossavar-Rahmani, the company’s Chairman and Chief Executive Officer. – Emirates News Agency, WAM – Read more: http://www.wam.ae/en/news/economics/1395268011914.html