PETROMAINT Company has reported significant successes in the first half of the fiscal year 2024. The company has broadened its horizons beyond Egypt through strategic alliances with major Egyptian and international firms, thereby enhancing its involvement in numerous strategic projects regionally.
Under the leadership of Chairman Eng. Ibrahim Motawea, PETROMAINT achieved impressive financial results, with revenues reaching EGP 3.575 billion. This marks a 64% increase compared to the same period last year, where revenues were EGP 2.174 billion. Operating profits soared to EGP 432 million, up 177% from the previous year, while net profits surged to EGP 275 million, demonstrating a growth rate of 182%.
Eng. Motawea attributed these achievements to the dedicated performance of PETROMAINT’s employees and underscored the importance of adhering to occupational health and safety standards. He emphasized that the human element is crucial to the energy sector’s success in Egypt.
The company has also announced a significant capital increase from EGP 300 million to EGP 1 billion, reflecting its ambition to diversify into new sectors such as green hydrogen, solar cells, and renewable energy. Additionally, PETROMAINT is exploring projects in road paving, local manufacturing, and offshore platforms.
A crucial element of PETROMAINT’s growth strategy involves broadening its international footprint. The company has successfully reopened its offices in Libya and Saudi Arabia, extended its agreement for the UAE branch, and continues to operate branches in Iraq and Oman. This strategic expansion is designed to engage in high-quality and specialized projects, bolstering PETROMAINT’s standing in the global market.
The Board of Directors has endorsed this expansive approach, recognizing its positive impact on the company’s performance. As PETROMAINT continues to grow its international footprint, it remains committed to maintaining high standards of environmental protection and safety, ensuring sustainable progress in all its endeavors.
