Alexandria Mineral Oils Company (AMOC) produced EGP 8.5 billion petroleum products in fiscal year (FY) 2016/2017 with a net profit of EGP 1.1 billion, a 153% increase in profits from FY 2015/2016, according to the Head of AMOC, Amr Moustafa, Egypt Oil & Gas reports.

The company produced 1.4 million tons of diesel, naphtha, butane, and mixed mazut in addition to 185,000 tons of oils and waxes, Moustafa said. AMOC exported 61,000 tons of waxes worth more than $50 million and 65,000 tons of mazut worth $18 million.

In accordance with the government’s vision reduce to mazut production by 2021, the company is working on a project to refine mazot into a higher-value product. It is also investing on a zero-liquid discharge (DLZ) project to recycle its waste water.

Investors have noticed the company’s efforts, Moustafa said, and its stock prices have risen 164% on the Egyptian Exchange Market (EGX).

The figures were reported during the company’s annual general assembly. The meeting was chaired by the Minister of Petroleum and Mineral Resources, Tarek El Molla.