Cairo – Mubasher: The unaudited financial results of Egypt Gas showed a 369% year-on-year profit surge during 2019, supported by a leap in revenues. 

Net profits skyrocketed to EGP 164.96 million during the 12-month period ended 31 December 2019, compared to EGP 35.16 million a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

In the meantime, revenues soared to EGP 3.75 billion last year from EGP 2.59 billion in 2018.

The company’s board of directors recommended a cash dividend distribution of EGP 2.5 per share for 2019, up from EGP 1.25 a share in 2018.

It is noteworthy that during the January-September period of 2019, Egypt Gas reported net profits of EGP 27.812 million, against net losses of EGP 17.604 million in the prior-year period.