Cairo – Mubasher: The board members of Alexandria Mineral Oils Company (AMOC) approved the capital budget for fiscal year (FY) 2023/2024 on 19 June, according to a bourse disclosure.

AMOC aims to achieve net profits after tax valued at EGP 603.50 million in FY23/24, versus EGP 531.97 million in the previous FY.

Meanwhile, the expected net revenues for FY23/24 stand at EGP 3.90 billion, compared to EGP 2.72 billion a year earlier.

In the first nine months (9M) of FY22/23, the EGX-listed firm recorded consolidated net profits after tax amounting to EGP 1.41 billion, marking an annual hike of 86% from EGP 761.98 million.

As for the standalone business, the company’s net profits after tax enlarged by 89% to EGP 1.20 billion in 9M-22/23 from EGP 638.82 million in 9M-21/22.