The UAE's Dana Gas reported a net loss of $376 million in 2020, compared to a net profit of $157 million in 2019.
The company's revenues declined by 24% to $349 million last year, down from $459 million in 2019. This decrease was attributed to lower sales prices during the period and a drop in production in Egypt. The company had a net profit of $36 million last year versus $88 million, before accounting for one-time non-cash provisions and other income sources. According to a statement from Dana Gas to the Abu Dhabi Securities Exchange, most of the provisions totaling $412 million are related to the sale of the company's onshore assets in the Egyptian market. Dana Gas's ongoing operations in the Kurdistan Region of Iraq contributed $32 million to net profits, despite the challenges posed by the COVID-19 pandemic.
Last November, the company announced that it had paid off its entire maturing sukuk at the end of October, which amounted to $309 million. According to Dana Gas CEO Patrick Allman-Ward, the consequences affect oil markets and their sectors, along with prices dropping to levels not seen in over 20 years. The company confirmed a revenue decline during the first nine months of the current year, 2020, by 26.6% to $262 million compared to $357 million during the same period last year, 2019.
