Seismic surveys showed that offshore North Sinai concession has 2.352 trillion cubic feet (tcf) of natural gas and 112 million barrels of condensates, Egyptian Kuwait Holding Company (EKH) announced.

The company achieved 40% growth in profit during 2018, recording $95.1 million that was reached due to operational strong performance in offshore North Sinai.

In 2018, the company had $480.2 million in revenues, $163.5 million in gross profit, $175 million in earnings before interest, tax, depreciation and amortization (EBITDA), and $133 million in attributable million.

EKH achieved $129.9 million in operational income, $125.2 million in net income, and $95.1 million in attributable net income. Moreover, the company reached 34% in gross profit margin.

“The success of our strategy is clearly reflected on our full-year results, with on-the-ground operational growth across our portfolio seeing us record revenues of $480.2 million in FY 2018; an increase of 32% against a normalized top-line in FY 2017. EKH delivered an attributable net income from operations of $95.1 million in FY 2018, up 40% y-o-y versus a normalized attributable net income of $68.7 million in FY 2017. Our performance was particularly strong in the fourth quarter of the year during which the benefits of our efficiency drive had started to emerge. EKH’s Q4 2018 revenues were up 31% y-o-y to $126.7 million versus a normalized figure of $96.7 million in the comparable quarter, while net attributable income recorded a 98% y-o-y increase to $20.1 million,” said Moataz Al-Alfi, EKH Chairman.