Alexandria Mineral Oils Company (AMOC) posted profits of EGP 1.48 billion in fiscal year (FY) 2017/18, a 35% increase from the EGP 1.1 billion profit made in FY 2016/17, Egypt Oil & Gas reports.
AMOC head Amr Mostafa said that the company’s market value has risen from EGP 2 billion at the end FY 2015/16 to more than EGP 15 billion at the end of FY 2017/18 – a 750% increase in value.
The company’s board of directors have agreed to pay out dividends of EGP 0.85 per share in two installments. The first EGP 0.55 payout will take place in October 2018, while a second EGP 0.3 disbursement will occur in February 2019.
Mostafa revealed the financial data during a general assembly meeting chaired by Minister of Petroleum Tarek El Molla to review AMOC’s results.
AMOC’s priorities include increasing its share in the Alexandria Wax Products Company, and completing the development of the diesel unit to global standards, Mostafa said. The project will be integrated with the heavy residue refining project in order to reduce costs and maximize returns.
