The Egyptian Natural Gas Distribution Company for Cities (Town Gas) has held its general assembly meeting in the presence of Tarek El Molla, Minister of Petroleum and Mineral Resources, to approve the results of its work during the year 2023.

During the meeting, the company’s chairman, Mohamed Fathi, reviewed the most important business results achieved by the company during the year 2023.

Fathi stated that the company achieved total revenues amounting to approximately EGP 4 billion and a net profit exceeding EGP 112 million, an increase of 57% over the previous year, in a first for the company.

This is a result of the increase in gas delivery rates to all customers in their various industrial, commercial and household activities, as natural gas was delivered to 153,000 home customers, 735 commercial customers and 20 subsidized municipal bakeries, in addition to 39 industrial customers.

These results brought the company’s total customers to 4.8 million, representing 34% of the total natural gas users in Egypt.

The company also contributed to delivering gas to 21 car fuel stations as part of the initiative to use gas as fuel for cars, bringing the total delivered to 187 stations in the company’s work areas.

In light of El Molla’s directives on the necessity of opening markets outside Egypt, Town Gas began at the beginning of this March the implementation of the pilot project to connect natural gas to Romania, as well as establishing the company’s branch in the Kingdom of Saudi Arabia.