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RIYADH: The UAE’s imaginative and prescient of strengthening its capital markets has turn into one step nearer to actuality as Sharjah-based power firm Dana Gasoline plans to lift its overseas possession restrict to 100%.
Listed on the Abu Dhabi market, the agency introduced that it had obtained the approval of the regulatory authorities to lift the share of overseas possession from 49 p.c to 100% of its capital, in accordance with a regulatory submitting on the Abu Dhabi Securities Change.
The biggest personal sector pure gasoline firm within the area disclosed that the transfer aligns properly with the UAE’s new Business Firms Regulation that abolished a requirement that UAE nationals personal 51 p.c of onshore corporations.
“Opening our firm absolutely to overseas possession will assist the UAE’s imaginative and prescient of strengthening its dynamic capital markets by attracting higher numbers of worldwide traders and deepening market liquidity,” stated Dana Gasoline Chairman Hamid Jafar in a press assertion.
Based on Jafar, the corporate’s development outlook remained moderately sturdy within the Kurdistan area of Iraq, the place the agency is in search of to extend manufacturing.
It additionally maintained a powerful development outlook in Egypt, the place the agency is engaged on maximizing the worth of its property by negotiating improved fiscal phrases.
Nevertheless, Dana Gasoline’ latest earnings report was not favorable. The corporate generated a web revenue of 183 million UAE dirhams ($50 million) within the first quarter of 2023 in comparison with 198 million UAE dirhams within the year-ago interval.
Profitability for the quarter dropped 7 p.c in comparison with a 22 p.c decline within the firm’s realized costs. Nevertheless, the influence of decrease realized costs on the corporate’s profitability was partially offset by diminished working prices by 14 p.c.
Income was 13 p.c decrease at 447 million UAE dirhams within the first quarter of 2023 in comparison with 513 million UAE dirhams in 2022.
The lower in income, and subsequently web revenue, was primarily because of a pullback in power costs from excessive ranges.
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