RAK Petroleum Public Company Limited, the energy investment company,today announced net profit of Dhs58.1million for the year ended 31 December 2013,marking afifth consecutive year of profitability.
The Company’s assets include a 42.8% shareholding in DNO ASA,the Oslo-listed oil and gas company with operations in the Middle East, and a 100 percent interest in Mondoil Enterprises, LLC which holds an indirect 8% 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 Dhs34.0 million in 2013.Mondoil Enterprises’ net profit amounted to Dhs51.3 million.
Adjustments for other income and general and administrative expenses brought net profit for the year to Dhs58.1 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 which at year end had a market value of Dhs6,366 million versus an acquisition cost of Dhs2,572 million after adjustments,while Mondoil Enterprises generated Dhs85.2 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 of the Board of Directors and Chief Executive Officer.
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