Egypt Gas Company has incurred total losses of EGP 50.4m for the first 9 months of 2016. This comes to over 14% increase when compared to EGP 43.9 losses for the same period during 2015, reported Al Borsa.
The company’s Financial Manager, Tarek Farouk, stated that Egypt Gas has submitted a study to the Egyptian Natural Gas Holding Company (EGAS) to increase installation and delivery fees collected from customer in order to align the company’s income with the rising operational costs associated with floating the EGP, as the company imports 60% of its materials. The company is waiting for EGAS’ approval.
Farouk further explained that Egypt Gas pays about 64% of revenue in salaries, with the amount reaching EGP 634m for its 7000 employees. Additionally, the company paid EGP332.1m for goods and services during the reported period. This comes as the company achieved over 17% boost in its revenues reaching EGP 989.2 for the first nine months of 2016, compared to EGP 843.4 for the same period in 2015.
Furthermore, Egypt Gas is proceeding with its contracts delivering gas to Mid-Delta and Marg in Cairo, Ganoub El Wadi and El Sherouk City. It also delivers gas for Town Gas Company to Cairo, Alexandria, Giza, Ismailia and Port Said.