Modern Gas defied economic headwinds, achieving a significant revenue boom in 2023. The company reported EGP 2.6 billion in revenue during its general assembly meeting, held in the presence of Minister of Petroleum and Mineral Resources Tarek El Molla. Chairman Mohamed Kandil presented the results, highlighting the company’s strong performance. He detailed that Modern Gas serves 1.6 million customers through 31 customer service offices across its nine regions of operation.

Kandil explained the company’s keenness to activate the safety rule, which led to a decrease in injuries within the company’s work sites by 85% compared to last year. The company achieved 23.6 million hours without injuries to implement 1,442 kilometers of gas networks of different diameters during the year.

Modern Gas was able to register and accredit the company’s branch in the United Arab Emirates with ADNOC as a main contractor, and the company is currently being registered and accredited in the activity of installing gas in buildings.

Within the framework of the strategy of the Ministry of Petroleum and Mineral Resources (MoPMR) and the plan of the Egyptian Natural Gas Holding Company (EGAS) for external expansion, especially in the Arab Gulf countries, and to play a role in increasing the state’s foreign exchange earnings, a new company was established in the Kingdom of Saudi Arabia to work in the field of natural gas in the Saudi market. Under the name “Modern Gas Saudi Arabia,” the company in Saudi Arabia has initial capital of SAR 2 million, with a contribution of 80% of the capital coming from Egyptian companies affiliated with the MoPMR.

Kandil added that during the year 2023, the company completed contracting work with various city agencies, as 22 new protocols and regions were contracted in the governorates of Cairo, Sohag, Sharqia, Alamein, Ismailia, Port Said, and Qena, with a value exceeding EGP 1.44 billion.