Egypt Gas sees profits almost halve in 2020; dividends proposed

Cairo – Mubasher: Egypt Gas achieved net profits of EGP 84.632 million during 2020, down by 48.7% year-on-year (YoY) from EGP 164.95 million, the unaudited financial results showed.

Meanwhile, revenues increased to EGP 4.002 billion last year from EGP 3.75 billion in 2019, the company said in a bourse disclosure on Monday.

In addition, the board of directors recommended a cash dividend distribution of EGP 1 per share for 2020’s earnings. The proposal will be referred to the company’s ordinary general meeting (OGM) for approval.

The board also proposed transferring the employee housing reserve balance amounting to EGP 28.42 million and the asset price increase reserve balance totalled EGP 15.52 million to the general reserve balance which will increase to EGP 83.7 million from EGP 39.75 million as of the end 31 December 2020.

During the first nine months of 2020, Egypt Gas reported net profits of EGP 9.068 million, down from EGP 27.812 million in the prior-year period.

Source: Mubasher

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