Cairo – Mubasher: Alexandria Mineral Oils Co. (AMOC) on Sunday reported robust profits in the first half the fiscal year 2017/2018 on the back of higher sales.
AMOC’s profits amounted to EGP 745.5 million, up 36.6% year-on-year from EGP 545.8 million in the same period of the fiscal year 2016/2017.
Sales nearly doubled to EGP 6.25 billion during the six-month period from EGP 3.23 billion in the prior year period, according to a filing to the Egyptian Exchange (EGX).
AMOC further noted that it has approved reviewing the average prices for its buy-and-sell deal with the Egyptian General Petroleum Corporation (EGPC).
AMOC also renewed its contract with EGPC for another three years, ending 31 December 2020, the mineral oils firm added in its statement.
AMOC had previously reported a 374.7% year-on-year surge in profits for the first quarter of the fiscal year 2017/2018 to EGP 402.6 million compared to EGP 84.8 million in the corresponding period of 2016.
The first quarter rise was also attributed to higher sales, which had had more than doubled to EGP 3.5 billion from EGP 1.2 billion in the year-ago period.
