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Egyptian Gas Company’s profits halved in 2020

Egyptian Gas

The profits of Egyptian Natural Gas Holding Company (EGAS) have decreased by half during 2020, compared to 2019.

EGAS said its profits declined by 48.7% on an annual basis. The company recorded a net profit of about EGP84 million, compared to EGP164 million during 2019.

The company’s activity revenues rose by about EGP4 billion in 2020. This is compared to EGP3.7 billion in 2019, an increase of 7%, according to the company’s statement.

Egyptian Gas

The company achieved during the first nine months of 2020, a net profit of EGP9.07 million. This is compared to a net profit of about EGP27.8 million in the same period in 2019.

The activity revenues recorded in the first nine months of 2020. This is an increase of about EGP2.5 billion, compared to EGP1.5 billion in the same period in 2019.

Sales achieved an increase of EGP4 billion in the period from July-December of 2020. The total sales in the same period of 2019 reached about EGP3.7 billion.

Profits per share was one pound for 48 million shares, compared to three pounds in 2019 for 24 million shares.

Distribute profits

The companies’ board of directors recommended distributing one pound per share for 2020 profits.

The board of directors approved distributing a coupon of one pound for 48 million shares for the fiscal year 2020, since the the Ordinary General Assembly made presentation.

The council proposed transferring the balance housing the workers reserve, which amounted to EGP28.4 million, and the balance of the asset price increase reserve, which amounts to EGP15.5 million, to the general reserve balance, which reached EGP39.7 million by the end of 2020.

Thus, the amount of the general reserve becomes about EGP83.7 million to be presented to the ordinary general assembly.

The company’s board of directors had approved the estimated budget for 2021. The budget aims to achieve about EGP106 million of net profits after tax, compared to EGP82 million targeted in the 2020 budget.

Keep reading: Egyptian oil imports decrease by a third during 2020

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