Egypt Gas Announces Q1 Losses

Egypt Gas Announces Q1 Losses

Egypt Gas Company has announced pre-tax losses of EGP 12 million in Q1 2018, according to Reuters.

In comparison, the company made pre-tax profits of EGP 14.5 million in Q1 2017.

Egypt Gas’s revenue recorded EGP 397.3 million in Q1 2018, compared to EGP 318.6 million in the preceding year.

At the beginning of April, Egypt Gas’s general assembly authorized the company to pay out dividends of EGP 1 per share, Al Mal News reported.

The company said in a statement to the Egyptian Exchange (EGX) that it may pay the dividends in several installments, depending on the company’s liquidity status at the time of payment.

Egypt Gas submitted documents to the EGX a week earlier to increase issued and paid-up capital from EGP 120 million to EGP 240 million. The company has a total of 24 million shares, with each share carrying a nominal value of EGP 10.

Sarah Samir 2745 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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