Dana Gas posts $376 million 2020 net loss amid impairments on Egyptian assets | Reuters
United Arab Emirates energy firm Dana Gas said on Thursday it posted a 2020 net loss of $376 million compared to a net profit of $157 million a year earlier, hit by non-cash impairments on the sale of assets in Egypt.
The group had a non-cash impairment of $244 million for its Egyptian assets and a further impairment of $163 million for goodwill following the sale of the company’s onshore assets in Egypt, it said in a stock exchange filing.
Dana said the impairment came amid a sharp decline in oil prices and negative effects as a result of the COVID-19 pandemic.
CEO Patrick Allman-Ward told reporters the sale for up to $236 million of Dana’s onshore Egyptian oil and gas assets, agreed with IPR Wastani Petroleum last year, is expected to close in the first half of 2021, subject to conditions and approval from Egypt’s petroleum and mineral resources ministry.
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