Cairo - Mubasher: The financial indicators of Egypt Gas (EGAS) showed a rise in profits in the fourth quarter of 2016 by 55% year-on-year, on the back of FX gains.
Profits totalled EGP 74.53 million in Q4-16 compared to EGP 48.07 million in the same period the year before, according to the company’s statement to the Egyptian Exchange (EGX).
As for the annual results, profits jumped 478.8% to EGP 24.14 million in 2016 up from EGP 4.17 million in 2015.
The company also revealed, in a separate bourse filing, that it has achieved FX gains o EGP 42.7 million after the pound flotation.
Annual revenues increased to EGP 1.5 billion compared to EGP 1.26 billion in the previous year, the statement noted.
EGAS is targeting a net annual profit of EGP 6.8 million in 2017.
