EKH’s Gas Field Expansion Pays Off in Q1

EKH’s Gas Field Expansion Pays Off in Q1

Egypt Kuwait Holding (EKH) Group has announced its results for Q1 2024.

The gas field concession in the Offshore North Sinai (ONS) recorded strong results, supported by the efforts made by the EKH Group in terms of planned expansions, including increasing the concession area to 440 square kilometers and drilling two new wells, EKH CEO Jon Rokk said.

Additionally, the companies affiliated with Nat Energy continued to work on delivering natural gas to homes. Meanwhile, while Kahraba continued to reap the benefits of the electrical power distribution concession it obtained in 2022 in the southern developer area in 10th of Ramadan City, which resulted in doubling the quantities distributed. On an annual basis.

Rock confirmed that the company’s strategic investments in the fertilizer and petrochemical sector have yielded positive results, driven by SpreaMisr’s increase in the production capacity of the company’s factories by investing in enhancing the capacity of existing production lines in addition to operating new production lines.

Rokk indicated that the management expects that the revenues of AlexFert will witness a gradual improvement after the return of urea prices to their normal levels, and this will contribute to significantly enhancing the group’s revenues denominated in US dollars in light of increasing its stake in AlexFert to a percentage of .75.33%

The company reported strong financial performance in Q1 2024, with revenue of $193 million and a gross profit margin of 44%. This translated to a significant year-over-year increase of 4.3% in net profit, reaching $62.6 million.

Sarah Samir 3471 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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