Egypt Gas posts 23.6% YoY growth in Q1 net profits

Egypt Gas reported a 23.67% year-on-year (YoY) increase in its net profits after tax during the first quarter (Q1) of 2023, recording EGP 93.849 million, compared to EGP 75.887 million, according to the financial statement sent to the Egyptian bourse on May 15th.

Operating revenues declined to EGP 1.013 billion during January-March 2023, compared to EGP 1.258 billion during the first three months of 2022.

Established in 1983, the company is engaged in the design, installation, operation, and maintenance of natural gas distribution networks and pressure reduction stations for domestics, commercial, and industrial applications, as well as engineering projects in the petroleum and natural gas sector.