The Alexandria Mineral Oils Company’s (AMOC) net profits fell by about 69.7 percent YoY, registering EGP 750,021 million by the end of the fiscal year in June 2019, compared to EGP 2.106 billion in the same period in FY 2017-18.

According to its EGX disclosure, this significant drop is due to the increasing sales costs, which recorded EGP 13.969 billion in FY 2018-19 compared to EGP 12.030 billion in FY 2017-18.

Meanwhile, the company’s revenues increased by 4.5 percent YoY as it registered EGP 14.664 billion.

AMOC was one of the companies that Egypt’s government had listed to be offered in the EGX according to the initial public offering programme (IPO).

However, the government announced earlier this year that it delayed its IPO after the company posted lower than expected profits, which decreased by 37.13 percent during the first quarter of FY 2018-19 to reach EGP 253.09 million, compared to EGP 402.6 million during the same period in FY 2017-18.

The company's shareholders had requested that the company postpone the offering over fears that the profit drawback would hurt its share price.