{"id":187348,"date":"2021-02-12T15:47:23","date_gmt":"2021-02-12T15:47:23","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=187348"},"modified":"2021-02-12T15:47:30","modified_gmt":"2021-02-12T15:47:30","slug":"dana-gas","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/dana-gas\/","title":{"rendered":"Dana Gas incurs losses of $376 million in 2020"},"content":{"rendered":"\n

The Emirati company Dana Gas, listed on Abu Dhabi Financial Market<\/a>, announced its preliminary unaudited financial results. The data showed that the company recorded a net loss after tax of 1.378 billion dirhams ($376 million) during 2020.<\/p>\n\n\n\n

The company gained 575 million dirhams ($157 million) during 2019.<\/p>\n\n\n\n

Dana Gas explained it has set aside non-cash allocations of 894 million dirhams ($244 million). The company’s assets value decreased in Egypt following the sharp decline in oil prices, and the negative economic impacts associated with it as a result of the pandemic.<\/p>\n\n\n\n

The company set aside a sum of 597 million dirhams ($163 million) as a result of the decrease in the value associated with goodwill, after selling company’s onshore assets in Egypt.<\/p>\n\n\n\n

Dana Gas net profit<\/strong><\/h2>\n\n\n\n

Dana Gas said that its annual net profit amounted to 131 million dirhams ($36 million). In 2019 , the number was at 322 million dirhams ($88 million), excluding exceptional income and depreciation.<\/p>\n\n\n\n

The company attributed the decline in net profit during the year to the decline in achieved prices, mainly.<\/p>\n\n\n\n

Dana said its net profit from ongoing operations during 2020 was 118 million dirhams ($32 million). This indicates the strength of the basic operating performance, despite the sharp decline in oil prices, and the economic difficulties caused by the pandemic.<\/p>\n\n\n\n

The company\u2019s share from Iraqi Kurdistan receipts amounted to 374 million dirhams ($102 million), 86% of annual revenues.<\/p>\n\n\n\n

The balance of trade receivables at the end of the year was $39 million (Dana Gas\u2019s share).<\/p>\n\n\n\n

The company achieved an amount of 293 million dirhams ($80 million) in Egypt during 2020, which is 81% of the 2020 bills. The balance of trade receivables amounted to $130 million at the end of the year.<\/p>\n\n\n\n

Dana Gas concluded the year by reaching an average production of 63,200 Barrels of oil equivalent per day (BOE\/D). The number was at 66,200 (BOE\/D) during 2019, due to the decrease in production by 8% in Egypt.<\/p>\n\n\n\n

This was offset by a partial increase in production in Iraqi Kurdistan, after the expansion project was completed in July of 2020.<\/p>\n\n\n\n

The company expected selling its onshore oil and gas-producing assets in Egypt would be completed at about $236 million to IBR Al-Wastani Petroleum Ltd., a subsidiary of the IBR Energy group, in the first half of 2021.<\/p>\n\n\n\n

A binding agreement<\/strong><\/h2>\n\n\n\n

Dana Gas announced last October that it had entered into a binding agreement with IBR Al Wastani Petroleum Company Ltd.. The company will sell its onshore oil and gas producing assets in Egypt for up to $236 million, including future conditional payments.<\/p>\n\n\n\n

The deal includes the sale of Dana Gas for its entire operating stakes in its four onshore concession areas, which are Manzala, West Manzala, West Al Qantara and North Salhia.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Further read:<\/strong> Rights Group: Workers Abused By Company Owned To UAE Ruling Family Member <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Emirati company Dana Gas, listed on Abu Dhabi Financial Market, announced its preliminary unaudited financial results. The data showed that the company recorded a net loss after tax of 1.378 billion dirhams ($376 million) during 2020. The company gained 575 million dirhams ($157 million) during 2019. Dana Gas explained it has set aside non-cash […]<\/p>\n","protected":false},"author":4,"featured_media":187349,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,169,512],"class_list":["post-187348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-oil","tag-uae"],"yoast_head":"\nDana Gas Incurs Losses Of $376 Million In 2020 - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport - Finance - The Emirati company Dana Gas, listed on Abu Dhabi Financial Market, announced its preliminary unaudited financial results.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/dana-gas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dana Gas Incurs Losses Of $376 Million In 2020 - 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