Egypt AMOC’s exports in FY21/22 hit $294mln

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Cairo – Exports of Alexandria Mineral Oils Company (AMOC) during fiscal year (FY) 2021/2022 amounted to $294 million, Ahram Gate cited the company’s Head, Amr Lotfy, on Sunday.

During FY21/22, the company produced 189,000 tonnes of oils and wax and 1.40 million tonnes of diesel, naphtha, butane, and mazut.

Sales during FY21/22 registered 1.50 million tonnes, up 55,500 tonnes from a year earlier, bringing the total value of sales volume to EGP 18.20 billion, an annual rise of EGP 8.20 billion.

Given these results as well as the product basket diversification and launch of new markets, net earnings of the EGX-listed AMOC soared by 262% yearly in FY21/22 to around EGP 1 billion, compared to EGP 399 million.

Earlier today, AMOC announced its ordinary general meeting (OGM) approved a cash dividend distribution of EGP 710.32 million, equivalent to EGP 0.55 per share to shareholders for FY21/22.