Arab Finance: The Egyptian Natural Gas Distribution Company for Cities (Town Gas) has earned over EGP 112 million in net profits for 2023, representing a 57% year-on-year (YoY) increase, Chairman Mohamed Fathy announced during the company’s general assembly.
Moreover, Town Gas achieved total revenues of around EGP 4 billion last year in a precedent that is considered the first for the company, Fathy added.
This resulted from the increase in natural gas supply rates to all customers across their different industrial, commercial, and household activities.
Town Gas has delivered natural gas to a total of 153,794 customers in Cairo, Giza, Alexandria, Ismailia, and Port Said, bringing the firm’s total customers to 4.8 million customers, representing 34% of the total natural gas users in Egypt, Fathy pointed out.
Furthermore, the company contributed to the delivery of natural gas to 21 car refueling stations, as part of the initiative aiming to use natural gas to power cars.