Cairo – Mubasher: Alexandria Mineral Oils Co. (AMOC) on Tuesday reported its results for the first quarter of its fiscal year 2017/2018, logging a 374.7% year-on-year profit surge on the back of higher sales.

AMOC achieved EGP 402.6 million in the three months ended September 2017, registering a sharp increase from EGP 84.8 million in the corresponding period of 2016, according to a filing to the Egyptian Exchange (EGX).

The mineral oils company recorded sales of EGP 3.5 billion during its first quarter, up from EGP 1.2 billion in the year-ago period.

AMOC had previously reported EGP 1.1 billion in net profit for FY2016/2017, up from EGP 435.4 million in the previous year. The profit rise was due to a 119% increase in sales to EGP 9.58 billion from EGP 4.37 billion in FY2015/2016.