The International Drilling Material Manufacturing Company (IDM) has held its general assembly meeting to approve the results of the company’s work for the year 2023, with the participation of Minister of Petroleum and Mineral Resources Tarek El Molla.

During the meeting, IDM Chairman of the Board of Directors and Managing Director Karim Hammam gave a presentation, during which he explained that the company achieved unprecedented financial results and indicators during the year in its history.

This comes as the company’s annual revenues reached $98 million, with a growth rate of 38% over the year 2022. Additionally, new contracts were obtained during the year. The total contracts reached $400 million for implementation until 2027 as a result of the company’s application of the VMI system for the first time in the Egyptian oil and gas sector, with Belayim Petroleum (Petrobel), and the application of the Consignment system with Khalda Petroleum Company.

El Molla praised the current successes that have been achieved and the ability to face the challenges and rapid transformations over the past two years.

The minister highlighted the provision of full support from the Ministry, the Egyptian General Petroleum Corporation (EGPC) and shareholders to enhance its strategic role with the technical capabilities and human cadres it possesses, while thanking all the company’s employees for their efforts during the year.