Egypt Gas Company announced increasing profit by 6% Year-on-Year (Y.o.Y) to reach EGP 25.6 million in 2017, compared to EGP 24.14 million in 2016, Amwal Al Ghad reported.

The state-owned company’s revenues increased to EGP 1.76 billion during 2017, from EGP 1.52 billion during the preceding year.

During the first nine months of 2017, which ended in September 2017, Egypt Gas encountered 17.05%  losses, reaching EGP 58.98 million from EGP 50.39 million during the same period of the previous year.

Later in 2017, Egypt Gas signed a cooperation protocol worth EGP 66.9 million with Egypt’s New Urban Communities Authority (NUCA), Reuters reported.

The new protocol included connecting the New Administrative Capital to the national gas grid, in addition to processing external installations for 21,810 housing units. According to the protocol, operation will start within 2018, Egypt Oil & Gas reports.