Cairo: The Arab Petroleum Pipelines Company (SUMED) has achieved net profits estimated at $192 million in 2024, with a return on paid-in capital of 32.1 percent. 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 to record $600 million, realizing a capital recovery rate of 12.4 times.

According to State Information Service Egypt, the Petroleum Ministry has attributed SUMED’s success to strategic management, meticulous planning, and a clear investment vision. Addressing the general assembly meeting of SUMED, Minister of Petroleum and Mineral Resources Karim Badawi hailed the company as a successful Arab investment model.

The minister emphasized the company’s role in securing oil supplies and transforming Egypt into a regional and international hub for energy trade. Meanwhile, SUMED Chairman and Managing Director Mohamed Abdelhafez noted that the company achieved eight million safe operating hours by
adhering to occupational health and safety standards.