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AMOC swings to profit in FY20/21; dividends proposed

AMOC swings to profit in FY20/21; dividends proposed
The board recommended a cash dividend of EGP 0.15 per share
AMOC
AMOC
2.69% 4.20 0.11

Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) turned to net profits of EGP 499.28 million in fiscal year (FY) 2020/2021, against net losses of EGP 477.02 million a year earlier, including minority shareholders' rights, the consolidated financial results showed. 

The sales increased to EGP 10.18 billion in the year ended 30 June from EGP 8.98 billion in FY19/20, the company said in a bourse disclosure on Tuesday. 

The standalone financial results showed net profits of EGP 398.7 million in FY20/21, compared to net losses of EGP 488.28 million a year earlier. 

The company's board of directors recommended a cash dividend of EGP 0.15 per share for the year ended 30 June. The proposed dividends amount to EGP 193.72 million, representing 15% of the company's capital.

The proposal will be referred to the ordinary general meeting (OGM) for approval. 

During the first nine months of FY20/21, AMOC turned to net profits of EGP 103.31 million, against net losses of EGP 152.48 million in the year-ago period.