Amidst challenging economic conditions, Modern Gas witnessed a substantial surge in revenue throughout 2023, reporting EGP 2.6 billion during its annual general assembly, graced by the presence of Minister of Petroleum and Mineral Resources Tarek El Molla. Chairman Mohamed Kandil presented the company's impressive performance, underscoring its robust operational achievements. He outlined Modern Gas's extensive reach, catering to 1.6 million customers across nine operational regions through 31 customer service offices.

Kandil emphasized the company's commitment to safety protocols, resulting in an 85% reduction in workplace injuries compared to the previous year, with 23.6 million hours achieved without incidents while implementing 1,442 kilometers of gas networks of varying diameters.

Moreover, Modern Gas obtained accreditation for its branch in the United Arab Emirates, partnering with ADNOC as a primary contractor, and is currently in the process of accreditation for gas installation activities in buildings.

Aligned with the strategic objectives of the Ministry of Petroleum and Mineral Resources (MoPMR) and Egyptian Natural Gas Holding Company (EGAS) for external expansion, particularly in the Arab Gulf region, Modern Gas established a new entity, "Modern Gas Saudi Arabia," in the Kingdom of Saudi Arabia. The Saudi-based company, with an initial capital of SAR 2 million, received 80% of its capital contribution from Egyptian companies affiliated with MoPMR, aiming to tap into the natural gas market in Saudi Arabia to bolster the nation's foreign exchange reserves.

In addition, Kandil highlighted Modern Gas's successful contracting endeavors in 2023, securing agreements with various municipal authorities. The company inked 22 new protocols in governorates including Cairo, Sohag, Sharqia, Alamein, Ismailia, Port Said, and Qena, with a combined value exceeding EGP 1.44 billion.