Minister of Petroleum and Mineral Resources, Eng. Karim Badawi, praised Alexandria Mineral Oils Company (AMOC) for its pivotal role in meeting local market demand for petroleum products and base oils, particularly in supplying fuel oil to power stations, thereby reducing import costs. His remarks came during the General Assembly meeting held via video conference to review AMOC’s performance for the fiscal year 2023-2024.

AMOC reported a net profit of EGP 1.275 billion for its standalone financials, marking an increase of EGP 210 million compared to the previous year. Consolidated profits reached EGP 1.699 billion, with total sales volumes hitting 1.43 million tons, valued at EGP 33.3 billion—up 39% year-over-year.

Chairman and Managing Director, Eng. Amr Lotfy, highlighted AMOC's progress in production rates and the company's steadfast commitment to safety, environmental protection, and operational excellence. He also outlined key ongoing projects aimed at improving energy efficiency and expanding storage capacity through the construction of four new tanks.

AMOC further demonstrated its social responsibility, allocating EGP 20 million to community initiatives for FY 2023-2024, a figure the Minister approved to raise to EGP 25 million.

The General Assembly approved a dividend distribution of EGP 0.75 per share, to be paid in two installments: EGP 0.45 in October 2024 and EGP 0.30 in February 2025. 

An Extraordinary General Assembly also convened to discuss amendments to AMOC's bylaws, adding new activities to support the company’s growth strategy.