Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) posted an 81% year-on-year profit drop during the first half of fiscal year 2019/2020, the company’s consolidated financial statements showed.

Net profits plummeted to EGP 108.43 million during the six-month period ended 31 December 2019, compared to EGP 574.2 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

In the meantime, sales shrank to EGP 5.42 billion in H1 of FY19/20, compared to EGP 14.8 billion in the corresponding period a year earlier.

As for standalone business, AMOC’s net profits fell to EGP 86.96 million in the July-December period of 2019, compared to EGP 278.4 million in the prior-year period.

It is worth mentioning that during the first quarter of FY19/20, the company reported net profits of EGP 31.8 million, down from EGP 253.09 million in the same period a year earlier.