Alexandria Petroleum Maintenance Company (Petromaint) has held it general assembly meeting to approve the results of the year 2023.

During the meeting, Petromaint’s Chairman Ibrahim Motawea reviewed the most important performance indicators for the fiscal year 2023, amid unprecedented financial indicators.

Motawea stated that the contracts’ value jumped to EGP 7 billion, an increase of 65% over the previous year, and revenues also increased to EGP 5.2 billion, compared to EGP 3.7 billion in 2022, an increase of 41%. Additionally, the company’s net profit rose to EGP 342 million, compared to EGP 129 million, an increase of 165% year on year (YoY).

The company has achieved these astonishing results despite the circumstances and successive events that the world is witnessing, which have directly affected the economies of many countries in the world and supply chains.

Motawea said that Petromaint succeeded in obtaining the ISO 37000 certificate for corporate governance, and it is the first company to obtain it in the oil and gas sector and in Egypt.

This comes as the company was interested in applying the laws and standards of corporate governance, which strengthens its position externally, as 25 of the company’s human cadres were trained on the third edition of the Egyptian Guide to Corporate Governance.

The European Certificate of Conformity (CE Mark) was also obtained, and out of the company’s management’s belief in the sustainability policy of the company’s activities during the year 2023, six trainees obtained the Sustainability Implementation Certificate from the American International Certification Institute (AICI).

Motawea further explained that Petromaint is striving to open foreign markets, as it has partnered with Modern Gas with a 20% stake in a company in the Kingdom of Saudi Arabia and is seeking to strengthen its presence within the Iraqi market.

The company’s branch in Libya was activated and a branch of the company was opened in the Kingdom of Saudi Arabia, as well as its presence in the Sultanate of Oman. Petromaint aims to reach 50% of the company’s revenues from foreign branches during the next three years.