Cairo – Mubasher: Alexandria Mineral Oils Co (AMOC) turned to net profits of EGP 103.31 million during the first nine months of fiscal year 2020/2021, against net losses of EGP 152.48 million in the year-ago period, the unaudited financial results showed.

The sales declined to EGP 7.1 billion in the nine-month period ended 31 March from EGP 7.8 billion in the same period a year earlier, the company said in a bourse disclosure on Monday.

The positive turn in the company’s financial results was ascribed to activating the cooperation agreement with the Egyptian General Petroleum Corporation (EGPC) in exporting products, especially mazut, as well as introducing new blending methods which led to cutting feedstock costs by 19% year-on-year (YoY) to EGP 6.6 billion from EGP 7.9 billion.

The value of sales fell by 9% due to the decline in the prices of the company’s products to $368 per tonne from $443, while the volume of sales increased by 46,000 tonnes.

According to the unaudited standalone financial results, the company achieved net profits of EGP 37.26 million in the nine-month period ended 31 March, versus net losses of EGP 217.35 million in the corresponding period in FY19/20.

During the first half (H1) of FY20/21, AMOC turned to net losses of EGP 42.56 million, against net profits of EGP 108.43 million in the year-ago period.