Riyadh – Mubasher: Natural Gas Distribution Company and TAQA Arabia joined forces to develop and operate gas transportation services and networks at a capital of SAR 500,000, according to a bourse filing.
First Gas Company will be established in Riyadh to extend, maintain, and repair oil and gas pipelines while transporting natural gas through pipelines.
The two listed entities completed the needed measures for the 50/50 owned gas company. This followed a memorandum of understanding (MoU) that was signed in September 2022.
In the first half (H1) of 2023, TAQA Arabia posted 13% lower consolidated net profits after tax at EGP 167.27 million, compared to EGP 192.35 million a year earlier.
Revenues increased by 29% to EGP 6.15 billion as of 30 June 2023 from EGP 4.78 billion in H1-22, while the basic earnings per share (EPS) declined to EGP 0.12 in H1-23 from EGP 0.14 in H1-22.
