RAK Petroleum posts $22m Q1 profit
Dubai, May 21, 2012
RAK Petroleum, an UAE-based energy investment company, said it has registered a net profit of Dh81.3 million ($22.1 million) for the first quarter thus continuing its profitability into the fourth consecutive year.
The company announced its unaudited results for first quarter following the release by DNO International of its quarterly financial and operating results on Monday.
RAK Petroleum holds a 42.8 per cent ownership stake in DNO International, a publicly traded Norwegian oil and gas company with assets in the Mena region mainly in Kurdistan region of Iraq, Yemen, Oman, UAE and Tunisia.
Under equity accounting rules for associated companies (shareholding of 20 per cent or more) RAK Petroleum assumes a proportionate share of DNO International’s profit and loss in its own financial results.
“Integration of RAK Petroleum’s former operating subsidiaries into DNO International is now complete following legal closure of the merger in January 2012 and an organised handover and restructuring of key management positions,” remarked Bijan Mossavar-Rahmani, the board chairman and CEO.
“We are pleased with our investment in DNO International, our single largest asset, and will continue to do what we can to support their management team, including many former RAK Petroleum staff, to build on the solid performance so far this year,” Mossavar-Rahmani added.
Mossavar-Rahmani is also the executive chairman of DNO International. Shelley Watson, RAK Petroleum’s general manager, is a member of DNO International’s board of directors.-TradeArabia News Service