Tarek El Molla, Minister of Petroleum and Mineral Resources, has agreed to raise Petrojet’s capital from EGP 3.6 billion to EGP 6 billion, according to a statement.
The decision was based on the company’s strategy for 2022-2026 which targets a growth rate of 15-25%. Petrojet also announced the financial results for Q1 2021 where an increase by 108% in the operational revenues over the targeted plan has been highlighted, indicating a 28% increase year-on-year (YoY).
The company achieved a surplus in operations by 115% over the initial company outlook in Q1 2021; an increase of 31% over the Q1 2020 surplus. Petrojet’s net profit also increased by 35% over last year’s by earning a net profit of 119% over the initial amount.
Additionally, the company showcased its upcoming plans to develop its business in Egypt and abroad. These plans included implementing a number of major projects in Egypt such as; the refining and petrochemical complex projects in the Red Sea and Al-Alamain; environmental compatibility projects for production and refining companies; the Dabaa nuclear plant project; and the fourth line subway project.
The company’s projects abroad will include; the development of Zarqa refinery in Jordan and Zalf oilfield in Saudi Arabia, the establishing of Hassi Messaoud refinery in Algeria; and the rehabilitation of the Baiji refinery in Iraq.
Furthermore, Petrojet reviewed its plans for developing and maximizing the local product to raise its skills in the field of local manufacturing. This would be done by keeping developing the current manufacturing workshops in Katameya, Idku, and Abyss, establishing manufacturing workshops in Al-Alamein, and establishing a new pipe packaging plant in Suez.