Dana Gas books record profit in 2021
The Middle East and North Africa-focused Dana Gas reported record profit during the 12 months to December 31 owing to higher oil prices and other income, the company said on February 9.
Dana Gas booked a net profit of $317mn in 2021 compared with a net loss of $376mn in 2020. The increase was primarily due to higher oil prices, improved operational performance and other income. The company's other Income included $608mn relating to amounts due following an arbitration award. This was partially offset by impairments of $451mn.
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Adjusted net profit for the year, excluding the other income and impairments, was $128mn versus 2020 adjusted net profit of $36mn, an increase of 256%, Dana Gas said.
Revenue increased 30% to $452mn last year compared with $349mn in 2020, supported by higher oil prices and higher production in Kurdistan.