Cairo – Africazine: In a significant boost to the Egyptian economy, Egypt Gas has reported an impressive 70.40% increase in net profits for the year 2024, totaling an impressive EGP 290.73 million. This marks a notable rise from last year’s profits of EGP 170.59 million, showcasing the company’s strong performance in a competitive market.
Notably, Egypt Gas’s revenues have also seen substantial growth, reaching EGP 7.50 billion by December 31, 2024. This represents a 9.25% increase compared to the previous year’s earnings of EGP 6.87 billion. These figures reflect Egypt Gas’s commitment to improving operational efficiency and expanding its market reach.
The company’s earnings per share (EPS) for the January to December 2024 period stood at EGP 0.50, a positive indicator for shareholders. Looking at the first nine months of the year, the net profits after tax soared to EGP 180.63 million, compared to EGP 138.62 million during the same time frame in the previous year. This upward trend is encouraging and suggests robust demand for natural gas amid increasing energy needs in the region.
Egypt Gas has played a pivotal role in the development of the energy sector in Egypt, contributing not only to the local economy but also to job creation and energy security. The company’s continued growth signals a broader trend in the energy market, where the demand for natural gas is expected to rise due to its relatively cleaner footprint compared to other fossil fuels.
As the African continent continues its path of growth and development, companies like Egypt Gas are integral to providing reliable energy solutions, which are essential for both economic stability and sustainable progress. The positive financial results from Egypt Gas reflect the resilience and potential of the Egyptian market, positioning it well for future investments and opportunities.
The overall outlook for Egypt’s energy sector remains positive, with further advancements anticipated as the country seeks to enhance its energy infrastructure and foster innovation within the industry. Together, these developments highlight a thriving business landscape, ripe for both domestic and international investments. #Egypt #WorldNews #BusinessNews
