Egypt

AMOC profits jump to EGP 762m

Published on : 2022-04-19

The wave in rising oil prices globally led to a big jump in Alexandria Mineral Oils Company’s (AMOC) business results indicators as a result of the turmoil resulting from the Russian-Ukrainian war, with the country recording EGP 762m in consolidated net profits over the past nine months, up from EGP 103m during the same period last year — a growth rate of 638%.

Soha Fadel — Director of investment at AMOC — told Daily News Egypt that the rise in oil prices had a positive impact on the company, pointing out that the company’s estimated budget is being prepared during the coming period to estimate the volume of investments during the current year.

Sales jumped by 73%, reaching EGP 12.26bn during the period from the beginning of July 2021 until the end of last March, compared to EGP 7.1bn.

Gross profit also rose to EGP 1.34bn, compared to EGP 433m.

The company indicated that the most important reasons for the improvement in business results are the increase in net sales by 73% over the comparative period, while the cost of sales increased by about 63%, which is caused by the increase in the prices of petroleum products, the company’s continued improvement of products to achieve the highest added value, and the balance between sales in local and export market, as well as continuous rationalisation of expenditures.

The company added that this also comes as a result of the company’s continued activation of the strategy of the Ministry of Petroleum and Mineral Resources to achieve sustainable development in line with Egypt’s 2030 Vision.

Furthermore, the company’s share witnessed an increase on the back of business results by 9% to reach EGP 3.56 per share at the end of trading on Monday.

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