Petroleum Ministry: SUMED profits hit $192mn in 2024
The Ministry of Petroleum and Mineral Resources, in a statement issued on Tuesday, said that SUMED has successfully increased its paid-in capital by 400 million dollars to record 600 million dollars, realizing a capital recovery rate of 12.4 times.
The Petroleum ministry has attributed SUMED success to the wise strategic management, meticulous planning, and having a clear investment vision.
Addressing the general Assembly meeting of SUMED, Minister of Petroleum and Mineral Resources Karim Badawi hailed the company as one of the successful Arab investment models.
The minister highlighted the company role in securing oil supplies and turning Egypt into a regional and international hub for the trade of energy.
Meanwhile, SUMED Chairman and Managing Director Mohamed Abdelhafez, indicated that the company was able to achieve eight million safe operating hours, thanks to adherence to the occupational health and safety standards.
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