Dana Gas posts 2020 net loss of $376 million

DUBAI: 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 the year prior.

"Following the sharp decline in oil prices and associated negative effects as a result of the COVID-19 pandemic, the group recognised a non cash impairment of $244 million (AED 894 million) in respect of Egyptian assets and a further impairment of $163 million (AED 597 million) in respect of goodwill following sale of the company's onshore assets in Egypt," Dana Gas said in a stock exchange filing.