RAK Petroleum reports H1 net income of $65.7 million

  • Monday 16, September 2019 04:12 PM
  • RAK Petroleum reports H1 net income of $65.7 million
Sharjah 24 – WAM: Oslo-listed RAK Petroleum has announced a consolidated net comprehensive income of US$65.7 million for the half-year to 30th June, 2019, compared to a net comprehensive income of $166.4 million for the full year 2018.
RAK Petroleum’s main assets are holdings in DNO, also listed in Oslo, and privately-held Foxtrot International.

RAK Petroleum owns 40.45 percent of DNO, a Norwegian company focused on the Middle East and European North Sea, and 33.33 percent of Foxtrot International, whose major asset is a share in a gas-producing block offshore Ivory Coast in West Africa.

‪The Company’s Executive Chairman, Bijan Mossavar-Rahman, who is also Chairman of DNO and Foxtrot, said in a statement that the company’s bank debt was $18.4 million, drawn from a lending arrangement with a leading bank in the United Arab Emirates.

Net equity to 30th June, 2019 stood at $871.2 million compared with $835.5 million on 31st December, 2018.

In the first half of 2019, the company received $14.9 million in cash distributions from Foxtrot International, $3.0 million of which were reinvested towards maintenance, operating and other expenditures.