|31 December, 2019

Egypt Gas targets $5.11mln profit in 2020, wins $3.80mln contract

The company aims to inject $10.90mln worth of investments in 2020

Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

REUTERS/Nasser Nuri

Cairo –Egypt Gas has set a net profit target of EGP 81.7 million for 2020, compared to a target of EGP 26.57 million in 2019.

The company also aims to generate EGP 3.4 billion in revenue in the coming year, up from a target of 2.9 billion in 2019, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The 2020 investment budget for the company showed that the company aims to inject EGP 175 million worth of investments, compared to estimated investments of EGP 138 million this year.

In a separate statement, Egypt Gas announced signing a EGP 60.8 million contract to extend natural gas to the fields of the North Bahariya Petroleum Company (Norpetco) over a four-month period.

It is noteworthy that during the first nine months of 2019, the company logged a net profit of EGP 27.812 million, versus a net loss of EGP 17.604 million in the year-ago period.

Source: Mubasher

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