Egypt Gas’ net profits plunge 46% in 2023 - ZAWYA

January 29, 2024

Cairo – Egypt Gas logged net profits after tax amounting to EGP 162.11 million in 2023, an annual drop of 46% from EGP 301.96 million.

Activity revenues hit EGP 6.87 billion in 2023, lower by 2% year-on-year (YoY) than EGP 7.02 billion, according to the income statements.

The board members greenlighted the financial results as of 31 December 2023 during their meeting that was held on 24 January 2024.

In the January-September 2023 period, Egypt Gas posted lower net profits at EGP 138.62 million, compared to EGP 152.49 million a year earlier.

The EGX-listed firm is targeting net profits valued at EGP 245 million in 2024, versus EGP 309 million by the end of 2023.

Egypt Gas inks LE 152.17m contract with ARABCO - EGYPT TODAY

Mon, Oct. 23, 2017

CAIRO – Egypt Gas signed a contracting agreement with the Kuwaiti firm Al Rabiah Construction Company (ARABCO) for KWD 2.6 million (L.E 152.17 million or $8.1 million).

This agreement comes as a part Egypt Gas’s plan to expand outside Egypt, according to a statement issued on Monday.

The contract has a duration period of 18 months, starting from 2018. The return on the agreement is estimated at LE 10 million ($566,692). This rate was taken into consideration when calculating Egypt Gas’ fair value (FV).

In early October, the Egyptian Financial Supervisory Authority (EFSA) approved the FV of Egypt Gas at LE 175.39 per share. At the stock level, Egypt Gas started Monday’s session at LE 224.10.

Egypt Gas is a natural gas company established by the Minister of Investment Affairs for the purpose of carrying out the implementation of natural gas projects as a general contractor and to all work associated with and related to those activities.

Jordan’s Energy Minister looks to expand energy cooperation with Egypt - ENTERPRISE

Wednesday, 11 October 2017

Jordan’s Energy Minister Saleh Kharabsheh is in Egypt to discuss expanding energy cooperation. Along with Oil Minister Tarek El Molla, he attended the signing of two MoUs between Jordanian Egyptian Fajr for Natural Gas Transmission & Supply, Fajr Egypt, the Egyptian Natural Gas Company (Gasco), and Egypt Gas. 

The first agreement will see the establishment of a JV between the companies to operate oil and gas pipelines in Jordan, while the second pertains to feasibility studies on a number of natural gas grid development and expansion projects in Jordan, according to Al Mal. 

Kharabsheh also met with Electricity Minister Mohamed Shaker to discuss establishing a second power line connecting the electricity grids of both countries, a proposal Shaker welcomed.