Dana Gas PJSC (DANA) headed for the highest level in more than a year on bets the United Arab Emirates fuel producer will collect outstanding payments in Iraq and Egypt, boosting the outlook for earnings.
The shares rose 8.2 percent to 53 fils, set for the highest close since November 2011, at 11:27 a.m. in Abu Dhabi. The company was the biggest gainer in the benchmark ADX General Index (ADSMI) with more than four times the three-month daily average volume. Dana Gas said its board approved the budget for 2013, discussed progress in U.A.E., Egypt and Kurdish region projects as well as efforts made to collect outstanding receivables.
Dana Gas was forced to restructure about $920 million in Islamic bonds last year after political instability in Egypt and Iraq’s Kurdish region led to the payment delays. The gas producer may post 15 percent growth in 2012 net income to 584 million dirhams ($159 million), according to the median estimate of four analysts on Bloomberg. Dana Gas’s shares are undervalued and are worth 90 fils, Exotix Ltd. said last month.
Dana Gas Set for One-Year High Amid Profit Bets: Abu Dhabi Mover - Bloomberg
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