Egypt Gas obtains board’s nod for capital hike

  • Date: 08-Feb-2024
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:Egypt
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Egypt Gas obtains board’s nod for capital hike

Cairo – The board of Egypt Gas agreed, on 5 February 2024, to increase the authorised capital to EGP 3 billion from EGP 2 billion.

The listed firm also plans to raise its issued and paid-up capital to EGP 1.44 billion from EGP 961.48 million, according to a bourse statement.

The increase amount of EGP 480.74 million will be used from the special reserve balance.

A total of EGP 415.72 million will be capitalised as bonus issuance, while the remaining EGP 65.01 million will be from the general reserve balances.

During the 12-month period that ended on 31 December 2023, Egypt Gas posted 46% lower net profits after tax at EGP 162.11 million, compared to EGP 301.96 million in 2022.

Activity revenues dropped by 2% to EGP 6.87 billion last year from EGP 7.02 billion in 2022.

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