Alexandria Mineral Oils Company (AMOC) will delay its initial public offering (IPO) on the Egyptian Exchange Market (EGX) after the company posted lower-than-expected profits, a governmental source told Al Shorouk.

The IPO will take place once profits recover to the previous growth rates, the source noted.

AMOC’s profits decreased by 37.13% during Q1 2018/19 to reach EGP 253.09 million, compared to EGP 402.6 million during the same period in FY 2017/18.

The shareholders requested the company postpone the offering over fears that the profit squeeze would hurt its share price.