Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) turned to net profits of EGP 229.6 million in the first quarter (Q1) of fiscal year (FY) 2021/2022, versus net losses of EGP 31.98 million in the prior-year period, the unaudited consolidated financial results showed.

The sales increased to EGP 3.72 billion in the three-month period ended 30 September, compared to EGP 2 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Monday. 

As for standalone business, AMOC turned to net profits of EGP 194.5 million in the July-September period, against net losses of EGP 53.26 million in the year-ago period. 

The positive turn in the financial results was attributed to higher prices of petroleum products, increased demand for the company's products, and the introduction of new mixing methods which led to lower costs. 

In FY20/21, AMOC turned to net profits of EGP 499.28 million, against net losses of EGP 477.02 million a year earlier, including minority shareholders' rights.