AMOC reports strong financial results for FY23/24

The Alexandria Mineral Oils Company (AMOC) has announced impressive financial results for the FY23/24, achieving net profits of 1.275 billion Egyptian pounds, a 210 million Egyptian pound increase from the previous year.

The company’s consolidated net profits reached 1.699 billion Egyptian pounds, bolstered by total sales of 1.43 million tons, valued at approximately 33.3 billion Egyptian pounds—an increase of nearly 39 per cent from last year.

During a recent General Assembly meeting, Minister of Petroleum and Mineral Resources, Karim Badawi, praised AMOC’s role in meeting local market needs for petroleum products, especially in supplying mixed fuel for power stations, which helps reduce the import bill. He stressed the importance of maintaining high safety and environmental standards in operations.

Looking ahead, the company announced plans to increase its storage capacity by building four new warehouses, enhancing operational flexibility.

Moreover, in a commitment to social responsibility, AMOC allocated 20 million Egyptian pounds for community contributions in the upcoming fiscal year and aims to raise this amount to 25 million Egyptian pounds.

The General Assembly approved a dividend distribution of 75 piasters per share, scheduled for payment in two installments.

Attribution: Egyptian Cabinet
Subediting: M. S. Salama