The  International Drilling Material Manufacturing Company (IDM) recorded revenues of EGP 1.9 billion and a net profit (EBITDA) of EGP 270 million, during 2024, according to its Chairman, Karim Hammam.

This came during IDM’s Ordinary General Assembly meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources.

The year also saw the company finalizing new contracts worth $215 million. Among the most notable of these was its deal to manufacture and manage the inventory for Khalda Petroleum under a consignment system for a period of 3 years, according to Hammam.

Furthermore, the company completed its preparations for producing Premium Casing pipes in accordance with the manufacturing license obtained from the international company Tenaris.

Hammam also clarified the company’s keenness to begin the implementation phases of the SAP-ERP S/4 Hana program. It’s expected to be completed and operational by the end of next June, aligning with the Ministry of Petroleum and Mineral Resources’ vision for digital transformation.

During the meeting, Badawi emphasized the significant role played by IDM in implementing the six main pillars of the Ministry’s strategy, especially the first pillar concerning the intensification of exploratory drilling operations and increasing oil and natural gas production. This will be achieved by manufacturing and providing the sector’s needs of well drilling equipment and crude oil and gas pipelines using the latest techniques and technologies