Egypt Gas records loss

19 May 2015

Higher wages for workers weigh on the company’s bottom line

Egypt Gas, a government-owned natural gas projects company that is affiliated with the Egypt Natural Gas Holding Company (Egas), has recorded a loss of £E17.3m ($2.3m) in the first quarter of 2015.

The losses were due to reasons that included increased wages for workers, according to the company.

Egypt Gas’ loss came after a profit of £E73.1m in the fourth quarter of 2014.

In April, Egypt Gas workers started a month-long strike demanding wages that had been promised in a prior agreement.

The strike was ended after talks between worker representatives and the company management.

Egypt Gas is listed on the Egyptian Exchange (EGX) (formerly the Egyptian Stock Exchange) and has a stock market capitalisation of £E120m

Stay informed with the latest in the Middle East
Download the MEED app today, available on Apple and Android devices

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications