SUMED unveils $400M capital hike

Updated 3/18/2025 11:16:00 AM
SUMED unveils $400M capital hike

Arab Finance: The Arab Petroleum Pipelines Company (SUMED) increased its paid-in capital by $400 million to reach $600 million, according to a statement.

The company announced the increase during its general assembly meeting, attended by Minister of Petroleum and Mineral Resources Karim Badawi and representatives of shareholders from Egypt and other Arab countries.

Badawi praised the company’s financial performance during 2024, stressing the importance of its role in securing supplies and transforming Egypt into a regional and global hub for energy trading.

He added that SUMED encourages promising investments between Egypt and its Arab peers.

On his part, SUMED’s Chairman and Managing Director Mohamed Abdelhafez highlighted that the company achieved net profits valued at $192 million in 2024, with a return on paid-in capital of 32.1%.

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