Cairo – Mubasher: Egypt Gas on Sunday posted a 37% year-on-year increase in its profits for 2018, citing revenue growth.
The Egyptian gas firm logged EGP 35.16 million in net profit for the January-to-December period of 2018, versus EGP 25.6 million in the corresponding period of 2017, according to a filing to the Egyptian Exchange (EGX).
Revenues grew to EGP 2.59 billion during the year ended 31 December 2018, compared to EGP 1.76 billion in 2017.
In November, Egypt Gas reported a decline of 70% in losses to EGP 17.6 million in the first nine months of 2018 versus EGP 58.9 million in the same period of 2017.
The Egyptian oil company’s revenues amounted to EGP 1.6 billion during the nine-month period ended September 2018, up from EGP 1.1 billion in the corresponding period of 2017.
