The Chairman of Alexandria Mineral Oils Company (AMOC) Amr Lotfy has announced that the company has achieved net profits in its consolidated financial statements reaching EGP 1.699 billion, while it recorded increase in its separate statements by EGP210 million reaching to EGP1.275 billion during the fiscal year (FY) 2023/24.

This came during the general assembly meeting of the company held in attendance of the Minister of Petroleum and Mineral Resources Karim Badawi to approve the financial results of the FY 2023/24.

Lotfy added that the total sales of the company amounted to 1.43 million tons with costs of EGP 33.3 billion which increased by 39% compared to the previous FY.

During the meeting, the planned and ongoing projects were reviewed especially the projects providing a safe work environment and an emission-free climate as well as improving energy efficiency.

To enhance productivity, the company is increasing its storage capacity by constructing four new warehouses. Additionally, AMOC contributed EGP 20 million toward human development and societal support, providing a better quality of life for citizens during FY 2023/24.

The Minister of Petroleum and Mineral Resources approved an increase in the company’s community contributions, raising the allocation to EGP 25 million.

Furthermore, the company discussed adding new activities to its articles of association to expand production.

From his side, Badawi highlighted the role of AMOC in meeting the needs of the local market for petroleum products and essential oils, especially mixing diesel to meet the needs of power stations, and contribute to reducing the import bill.

At the end of the meeting, the company’s general assembly approved the results and the distribution of profits of EGP 0.75 per share in two installments.