Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) announced that it targets to achieve a 7% year-on-year profit increase during fiscal year 2019/2020.

The state-run oil firm aims to log net profits of EGP 416.2 million in the coming fiscal year, compared to an estimated profit of EGP 390.3 million in FY18/19, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Revenues are expected to rise to EGP 1.94 billion in FY19/20 from an estimated amount of EGP 1.87 billion in the current fiscal year.

During the first nine months of FY18/19, AMOC’s net profits stood at EGP 329.3 million, compared to EGP 1.05 billion in the same period a year ago.

The state-run oil company attributed the decline in its nine-month profits to an increase in the cost of raw materials.