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Volatile oil prices weigh on AMOC’s 9M profit

Volatile oil prices weigh on AMOC’s 9M profit
The state-run oil firm’s profits plunged by 69%
AMOC
AMOC
-0.40% 7.49 -0.03

Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) attributed the profit decline during the first nine months of fiscal year 2018/2019 to volatile international oil prices.

Seesawing oil prices have resulted in increasing the prices of inputs, the Alexandria-based oil company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

During the nine-month period ended 31 March, the state-run oil firm’s profits plunged by 69% to EGP 329.3 million, compared to EGP 1.05 billion during the year-ago period.

AMOC plans to enter new markets, adjust the prices of inputs, and sign long-term agreements to obtain competitive prices.

Previously, the oil company’s board of directors approved to amend the estimated budget for the current year to EGP 390 million from EGP 707 million.