Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) posted an 87% year-on-year profit drop during the first quarter of fiscal year 2019/2020.

Net profits retreated to EGP 31.8 million in the three-month period ended 30 September from EGP 253.09 million in the same period a year earlier, AMOC said in a statement to the Egyptian Exchange (EGX) on Wednesday.

It is noteworthy that during FY18/19, the company’s net profits fell to EGP 450 million from EGP 1.48 billion in FY17/18.

The company aims to achieve net profits of EGP 416.2 million in FY19/20.