Dana Gas to use Egyptian asset sale to pay down sukuk – The National

Dana Gas to use Egyptian asset sale to pay down sukuk – The National

Dana Gas to use Egyptian asset sale to pay down sukuk. The company swung to profit in 2019 on higher production in Kurdistan. Sharjah-based Dana Gas will use the proceeds from the sale of its Egyptian assets to pay down its sukuk due in October, its chief executive said.. The company, which operates concessions in the Kurdistan Region of Iraq as well as in Egypt, will finalise the sale of its assets in the North African state by the end of March.. "Offers were submitted by the end of last year from a number of interested parties.. "In case the sale of the Egyptian assets goes ahead, the first call on the proceeds will be on paying down our sukuk," he added.. Dana Gas, whose shares trade on the Abu Dhabi Securities Exchange, reported an Wednesday annual net profit of Dh575m for 2019 compared with a net loss of Dh682m in the previous year.. The rise in profit was supported by higher production from the Kurdistan Region of Iraq, where the company has gas assets.. Revenue for the full-year was down to Dh1.68bn, compared with Dh1.72bn the previous year, which the company attributed to lower realised prices and lower production