Click to enlarge
01/04/2013
The General Assembly Meeting was held in last March in the attendance of Dr./ Shreif Sosah Chairman of E.Gas Company and E.GAS’s Vice Chairmen as well as the Company’s shareholders. During the meeting Eng./ Mohamed Ibrahim, Gas Tec.’s Chairman, reviewed the Company’s activity results during year 2012 and the attendees commended the distinctive activity results of Gas Tec. Company that took the lead among all the NGV companies in Egypt.

Gas Tec. exerted major efforts during year 2012 to develop NGV industry through attracting new segments of conversion customers and increase on wide-scale the number of stations to cope with the mounting demand of customers to fuel their vehicles by CNG besides innovating new CNG applications. However, God's blessing and efforts of the Company's employees as well as their keenness on achieving the execution plan during year 2012 had a direct impact on attaining such results.

The Company managed to inaugurate 7 new stations in different areas of the country; four of which in CTA garages in El-Basateen and El-Mataryia, a station in El-Menia Governorate, a station in El-Merghany area/ Heliopolis and a station in Suez City so that the total number of the Company’s stations amounted to 69 stations in addition to 29 conversion centers which is the highest geographical expansion among all the NGV companies over 25 governorates to which natural gas national network is connected, as the Company owns the largest CNG fueling stations network which covers 17 governorates .

Seeking yet to raise the standard of service and meeting the increasing demand on CNG fueling service, the Company proceeded with the upgrading process to the Company's operating stations through upgrading a number of (8) stations included increasing the compressors capacity and adding gas dispensers as well as increasing the number of fueling points the matter that resulted in attaining an increase of 28 million m3 in the Company's daily gas sales that equals establishing 3 new stations.

Moreover, the efforts of expansion and development resulted in attaining the highest market share in Egypt in terms of gas sales at 48% as the Company’s total gas sales increased from 206 million m3 during year 2011 to 241.6 million m3 during year 2012 outstripping the nearest competitor by almost 46 million m3. In addition, the Company attained a conversion rate of 9525 vehicles during year 2012 with a ratio of 54.4% of the total market representing the highest market share of vehicles conversion among all the NGV companies in Egypt.

It is to be noted that the Company took the lead among all the NGV companies in Egypt in terms of the grand total of converted vehicles since the beginning of NGV activity at a total gas sales of 77882 vehicles at a ratio of 43.1% of the total market. In addition, it has maintained the lead in terms of the grand total of gas sales since the beginning of NGV activity at a total gas sales of 1.910 billion m3 at a ratio of 44.8%.

The Company also managed to test a number of almost 13000 cylinders during year 2012 and accordingly, the total number of cylinders tested by the Company since inception till end of year 2012 is almost 85000 cylinders.

In line with diversifying the sources of financing the conversion of vehicles and encourage the public to convert their vehicles to run by CNG so as to increase the CNG-run vehicles, the Company managed to conclude the second phase of the contract with the Social Fund for Development to finance converting 1000 vehicles at a loan amounting to L.E 5 million with soft terms to the customers.

The Company also agreed with the vehicles manufactures in Egypt such as Hyundai , BYD & Chevrolet on renewing the relevant contract of converting vehicles to CNG on the production line in the context of the 3rd phase of replacing the old taxicabs with new ones reflecting yet the confidence in the distinguished technical expertise of Gas Tec. Company.

In addition, the Company concluded cooperation protocols with some governorates such as Cairo, Qualioubia, Fayoum and Port Said to provide pieces of land for establishing CNG fueling stations and centers for converting vehicles to run by natural gas in cooperation between the Ministry of Petroleum and the Ministry of Local Development.

The Company introduced new applications for utilizing CNG as an alternative fuel through executing the project of connecting CNG to one of the restaurants in one of the major housing projects on Suez Road through providing CNG cylinders to be fueled and replaced to work instead of the LPG cylinders in line with the pilot project sponsored by E.GAS Company to connect CNG to the commercial and industrial facilities.


It is noteworthy that the Company’s efforts during year 2013 resulted in attaining outstanding financial indicators the most important of which is the increase of the shareholders' equities to L.E 164.5 million in year 2012, the increase of the total value of Company's assets to L.E 369 million, the increase of the activity revenues to L.E 199 million at an increase ratio of 18% and the increase of the total profit to L.E 26.5 million.
 
Powered by Softex Software House  , © 2008 All Rights Reserved