Dana Gas’ profit dropped slightly in the third quarter of this year to AED102m ($28m), compared with AED104m during the same quarter in 2012.

The company’s profit over the first three quarters of 2013 stood at AED443m, while last year it made AED491m during the nine-month period.

“Net profit remained flat year-on-year due to higher royalty and higher depreciation in line with higher production in Egypt,” Dana Gas said.

It also said profits registered this year have dipped as a result of lower hydrocarbon prices, suspension of its liquefied petroleum gas production since mid-2012 and a one-off higher cost of sales in the Kurdistan region of northern Iraq.

The company’s gross revenues totalled AED1.7bn in the first nine months of 2013, slightly below AED1.77bn last year.

The Sharjah-based investor and producer said its trade receivables stood at AED 2.78bn at the end of September. It had collected AED30m in the third quarter of 2013.

Most of these receivables are owed by Egypt and the Kurdistan Regional Government (KRG), Dana Gas’ main off-takers, which frequently make late payments.

In October, the company filed a case with UK courts to arbitrate on $400m it is owed by the KRG.

Egypt, on the other hand, may be in a better position to pay its suppliers after receiving billions in GCC aid.

“We have been given strong indications by the Egypt government regarding planned payments in the next few months,” said Patrick Allman-Ward, chief executive officer of Dana Gas. “We welcome this positive step, as it will allow our capital and exploration expenditure to remain in line with anticipated spending plans.”

Delays in payment from Egypt and the KRG forced Dana Gas to restructure its debt after missing its sukuk obligations of $1bn in 2012. The company refinanced the debt with two new sukuk issues, each worth $425m, in May this year.