Egypt’s SUMED increases capital to $600m

The Arab Petroleum Pipelines Company (SUMED) announced a significant increase in its paid-up capital, rising by $400 million to $600 million, during its Ordinary General Assembly meeting.

SUMED credited its financial growth to strategic management, meticulous planning, and an investment-oriented vision. Over the course of its operations, the company has achieved a capital recovery ratio of 12.4 times, reflecting its strong financial position and sustained profitability.

Chairman of the Board and Managing Director Mohamed Abdelhafez, reported that SUMED recorded a net profit of $192 million in 2024, with a return on paid-up capital of 32.1 per cent. Additionally, the company achieved 8 million safe operating hours, attributed to its commitment to occupational health and safety measures, ensuring a secure and risk-free work environment.

The company’s performance reinforces its role as a key player in the region’s energy infrastructure, contributing to investment growth and operational excellence in the petroleum sector.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama