Dana Gas announce Unaudited Financial 2020 Results
Dana Gas PJSC announced its Preliminary Unaudited Financial Results for the full year ended 31 December 2020.
The Company reported a Net Profit of $36 million (AED 131mm) versus $88 million (AED 322mm) in 2019, excluding one-off non-cash impairments and other income. Including these one-offs, the Company reported a Net Loss of $376 million (AED 1.4bn) versus a Net Profit of $157 million (AED 575mm).
A total of $412 million (AED 1,51bn) of impairments were incurred mostly related to the sale of Dana Gas Egypt onshore assets.
Dana Gas’s continued operations (Kurdistan Region of Iraq) contributed an annual net profit of $32 million reflecting the profitability of the remaining business despite the challenging year caused by the COVID-19 pandemic.
Revenue was $349 million (AED 1.27bn) in 2020 compared to $459 million (AED 1.68bn) in 2019 due to both lower realised prices and lower production in Egypt.
The Company’s robust, long-standing programme to control operating expenses helped to effectively navigate the challenging market environment in 2020. G&A costs were reduced by a further 20% year-on-year.
Dana Gas fully redeemed its outstanding Sukuk on schedule in October 2020. The Company closed the year on a strong financial footing, and maintains a positive financial outlook for 2021.
Highlights
– Production from all assets uninterrupted due to stringent health protocols in place
– KRI Q4 & FY production up 9% and 2% respectively
– $349mm in revenues despite lower realized prices
– Net Profit of $36mm (AED 131mm) before one-off non-cash impairments
– Entered into sale agreement on Egypt asset for up to $236mm; completion H1 2021
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