Abu Dhabi – Mubasher: Dana Gas has achieved net profits after tax of $139 million (AED 511 million) during the first half (H1) of 2021, compared to net losses of $19 million (AED 69 million) in the same period of 2020.

Turning to profitability is driven by a rise in revenues, reversal of impairments in Egypt following the termination of the sale and purchase agreement, and a decrease in finance costs due to a lower borrowing base, according to a press release on Wednesday.

The company's revenues increased by 19% to $216 million (AED 792 million) in H1-21 from $181 million (AED 664 million) in the year-ago period.

Because of higher profits, Dana Gas' retained earnings turned from accumulated losses of $20 million to positive $142 million, which will enable the company to pay dividends in the future.

The earnings before interest, tax, depreciation, and amortisation (EBITDA) rose to $110 million (AED 403 million) in the first six months of 2021 from $77 million (AED 283 million) in the corresponding period of 2020.

During the second quarter (Q2) of 2021, the company reported net profits after tax of $115 million (AED 423 million), versus net losses of $36 million (AED 131 million) in the same quarter of 2020.

The CEO of Dana Gas, Patrick Allman-Ward, said: "The Company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices."

Meanwhile, Allman-Ward added: "Our operations remain unaffected by the pandemic, thanks to the stringent safety protocols that we have put in place across all our assets to ensure that production continues uninterrupted."

It is noteworthy to mention that in the first quarter (Q1) of 2021, the company reported a 41% increase in net profits to $24 million, compared to $17 million in the year-ago period.