The Arab Petroleum Pipelines Company, widely known as SUMED, has announced an impressive net profit of $192 million for the year 2024. This financial milestone reflects a robust return on paid-in capital of 32.1%, as highlighted by Eng. Mohamed Abdel Hafez, Chairman and Managing Director of SUMED, during a recent statement.
The company’s dedication to occupational health and safety has been exemplary, achieving over 8 million safe operating hours. This accomplishment underscores SUMED’s unwavering commitment to maintaining a work environment free from accidents and injuries, a core priority that has fostered trust and efficiency.
The significance of these achievements was echoed at the Ordinary General Assembly of SUMED, attended by Engineer Karim Badawi, the Minister of Petroleum and Mineral Resources, along with stakeholders from Egypt and neighboring Arab countries. Minister Badawi lauded SUMED’s financial results, describing the company as a stellar example of Arab investment success. He credited the company’s strategic management and forward-thinking investment vision with increasing its paid-up capital by $400 million, reaching a total of $600 million.
SUMED’s strategic importance extends beyond financial metrics. Minister Badawi highlighted the company’s critical role in ensuring energy supply security and positioning Egypt as a pivotal regional and global energy trading hub. SUMED’s ability to recover its capital 12.4 times over its lifetime further reinforces its standing as a cornerstone of regional energy infrastructure.
The company’s success is not just measured in numbers but in its ability to foster promising investments and partnerships across the Arab world. Established under Law No. 7 of 1974, SUMED has been a symbol of successful joint Arab investment, leveraging the expertise of its partners to explore new business horizons. The company’s operations, including the pipeline and the strategic Sidi Kerir port on Alexandria’s Mediterranean coast, have been instrumental in its sustained success.
SUMED continues to inspire confidence among investors and stakeholders, standing as a testament to the power of visionary leadership and collaboration in the Middle East’s energy landscape.
