Sharjah-based Dana Gas swung to a net loss of $360 million in the third quarter, from a $2m net profit in the year-earlier period, weighed down by impairment costs related to its Egyptian assets.
Net revenue for the three months to the end of September fell to $52m compared with $65m in the year-earlier period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
Dana Gas took a total non-cash impairment charge of $243m in relation to its Egyptian operating assets this year and a further $163m write-off relating to the sale of its onshore assets in Egypt.
The company sold its Egyptian assets in October to local firm IPR Wastani Petroleum ahead of the $309m payment it owed on its sukuk.
In the first nine months Dana Gas registered a net loss of $379m, compared with a net profit of $142m for the same period last year.
"The company’s performance has remained consistently strong over the first nine months of 2020 despite the current economic environment,” said Dana Gas chief executive Patrick Allman-Ward.
"We settled all of our sukuk obligation on schedule and have now further reduced our ongoing financing costs,” he added.
More to follow....
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Rating: 3/5
Comment on Coronavirus
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From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Results
Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)
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