Gascool’s Ordinary and Extraordinary General Assembly held in the presence of Tarek Al Mullah

Gascool’s Ordinary and Extraordinary General Assembly held in the presence of Tarek Al Mullah

Minister of Petroleum and Mineral Resources Tarek El Molla attended the ordinary and extraordinary general assembly meeting of the Egyptian Company for Energy and Cooling Projects (Gascool) via video conference.

During the assembly, which witnessed a review of the company's business results during 2023, economic indicators, productivity improvement plans, performance development and marketing plan for 2023, Engineer Tarek El Molla saluted all employees at GasCool for the results achieved and asked them to continue and further progress and development, stressing the provision of full support to Gascoolas one of the entities characterized by an exceptional nature of activity in the Egyptian petroleum sector.

The minister and the attendees listened to a presentation by Eng. Amr Abd Raboh, Gascool chairman , where he reviewed the agenda of the assembly, highlighted the company's achievements and activities for the past year, and presented an introductory video about the company.

Eng. Amr Abd Raboh pointed out that Gascool was able to achieve the entire production plan set for it during 2023, as the total revenue of the activity reached EGP 550,06 million during 2023, an increase of 53% from 2022, and the total profit for the company's activity reached EGP 149,38 million during 2023, an increase of 38% from 2022, and the company achieved a net profit of EGP 66,67million during 2023.

He added that within the framework of the Ministry of Petroleum's strategy to expand abroad, especially the Arab Gulf countries, the company established a branch in Saudi Arabia, where the company obtained a subcontractor to implement mechanical works for the Neom project, which is the first of the company's works in the Kingdom. Abd Rabboh reviewed the projects that were signed during 2023 with customers outside and inside the Egyptian petroleum sector, in addition to expanding in new energy projects and establishing a solar power plant for the Hamra oil port with a capacity of 500 kWh, as well as signing a contract to implement electricity works using solar energy for Al-Amal Company.

In order to optimize the use of assets and resources, during 2023, Gascool succeeded in completing 90% of the new administrative building project in the First Settlement in New Cairo, and the company continues its efforts to complete the project in the coming months.

Gascool succeeded in maintaining its outstanding safety record and safe working hours, which reached about 1.5 million safe working hours, and was keen to implement a safety week at a number of company sites and honor workers by implementing "Safety Man" encouragement programs.

He also reviewed the company's efforts in the field of digital transformation within the framework of the seventh program of the Ministry of Petroleum's strategy and the establishment of an integrated digital system that includes the company's main departments, where all stages of the project have been successfully passed and will be implemented in the next few months.

On the other hand, the company's Extraordinary General Assembly was held to approve increasing the company's authorized capital from EGP 300 million to EGP 1 billion, increasing the issued and paid-up capital, and amending the text of Articles 3, 4, 6 and 7 of the company's Articles of Association.

The assembly was attended by Ashraf Abdullah, Assistant Minister for Financial and Economic Affairs, Dr. Magdy Galal, chairman of EGAS, shareholders, board members, and representatives of the Central Auditing Organization.