Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) on Thursday reported a 69% year-on-year drop in profits for the first nine months of fiscal year 2018/2019.

Net profits amounted to EGP 329.3 million during the nine-month period ended in March, compared to EGP 1.05 billion in the same period a year ago, according to a filing to the Egyptian Exchange (EGX).

The state-run oil firm ascribed the drop in its nine-month profits to an increase in the cost of raw materials.

Total sales increased to EGP 11.14 billion by the end of March, from EGP 10 billion in the same period of the prior year.

It is worth mentioning that the company posted a 62% year-on-year decline in profits for the first half of the current fiscal year, recoding EGP 278.4 million.