Alexandria Petroleum Maintenance Company (Petromaint) convened its annual general assembly to ratify the outcomes of the fiscal year 2023. 

During the session, Chairman Ibrahim Motawea provided insights into key performance metrics, highlighting remarkable financial achievements.

Motawea revealed a substantial increase in contract value, reaching EGP 7 billion, marking a notable 65% surge from the previous year. 

Revenues also experienced significant growth, rising to EGP 5.2 billion compared to EGP 3.7 billion in 2022, reflecting a 41% increase.

Furthermore, the company's net profit soared to EGP 342 million, up by 165% year on year (YoY) from EGP 129 million.

Despite global challenges and disruptions affecting economies and supply chains, Petromaint excelled, attributing its success to strategic resilience and adaptability. Notably, Petromaint attained the ISO 37000 certificate for corporate governance, a milestone setting it apart as the first entity in Egypt's oil and gas sector to achieve this recognition.

Emphasizing its commitment to governance standards, 25 employees underwent training on the Egyptian Guide to Corporate Governance's third edition.Additionally, Petromaint secured the European Certificate of Conformity (CE Mark) and demonstrated its dedication to sustainability by having six trainees acquire the Sustainability Implementation Certificate from the American International Certification Institute (AICI) during 2023.

Motawea underscored Petromaint's ambitions to expand into international markets, including a 20% partnership with Modern Gas in a Saudi Arabian venture and efforts to bolster its presence in Iraq.

The activation of the company's Libyan branch and the establishment of a new branch in Saudi Arabia, alongside its existing operations in Oman, signify Petromaint's commitment to global expansion.

The company aims to derive 50% of its revenues from overseas branches within the next three years.