Cairo - Mubasher: MubasherTrade Research has maintained their Buy/Moderate Risk rating on the stock of Alexandria Mineral Oils Company (AMOC), with the same 12-month price target of of EGP 13.18 per share, according to a recent report.

AMOC announced preliminary financial results for fiscal year 2016/2017, posting 153% year-on-year growth in earnings to EGP 1.10 billion, slightly lower than expectations by 6%, the report indicated.

During the year, AMOC booked EGP 275.2 million of foreign exchange gains versus EGP 36.8 million a year earlier, it added.

Excluding the impact of such gains, normalized net income would have recorded EGP 825.4 million, increasing by 107% year-on-year.

Revenues jumped 119% year-on-year to EGP 9.59 billion, beating expectations by 8%.

The growth in top line could be attributed to the fact that AMOC's products are benchmarked to global prices in USD terms. Hence, EGP devaluation triggered higher selling prices for the company's products, the research firm explained.