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The stock exchange said that Egypt Gas Company had submitted documents to increase the authorized capital from EGP 1 billion to EGP 2 billion.
The stock exchange stated in a statement, that the company applied to amend the purpose of the company by adding new activities “manufacture and sale of polyethylene pipes and equipment and raw materials used and associated with them – importing polyethylene raw materials, supplies, equipment and production supplies and exporting its surplus production of polyethylene pipes to foreign markets.” For its main purpose and in light of the amendment of Article 3 of the Company’s Articles of Association, noting that the documents submitted by the company are being examined in preparation for presentation to the Listing Committee on the Stock Exchange.
The financial statements of Egypt Gas revealed that the company’s profits increased by 23.66% during the first quarter of this year.
The company said in a statement to the Stock Exchange today that it achieved profits amounting to 93.84 million pounds during the period from January to the end of March 2023, compared to profits of 75.88 million pounds in the comparative quarter of last year.
Activity revenues declined to EGP 1.01 billion during the first quarter of this year, compared to EGP 1.25 billion in the comparative quarter of last year.
The financial statements of the Egypt Gas Company revealed that it achieved a net profit of 301.18 million pounds during 2022, compared to a net profit of 165.83 million pounds during the previous year.
Activity revenues rose during the past year to reach 7.02 billion pounds, compared to revenues amounting to 5.4 billion pounds during 2021.
