AMOC Delivers Impressive Results in the Fiscal Year 2023-2024

His Excellency Eng. Karim Badawi, Minister of Petroleum and Mineral Resources emphasized AMOC’s pivotal role in fulfilling the local market’s needs for petroleum products and base oils, particularly fuel oil blend to support power stations and contribute to reducing import costs.

This acknowledgment came during His Excellency’s remote participation via video conference at AMOC General Assembly today, the 21st of September 2024 to approve the financial results for the fiscal year 2023-2024.

His Excellency praised the outcomes of the previous year and the company’s outstanding financial performance, stressing the importance of maintaining the highest standards of safety, occupational health, environmental protection, and safe operations.

Starting his speech, Eng. Amr Lotfy, AMOC’s Chairman and CEO, outlined the performance indicators which revealed a notable boost in production rates for the fiscal year 2023-2024. He praised the relentless efforts of AMOC’s workforce, highlighting their determination to meet expectations while upholding stringent safety and environmental measures. He also underscored the company’s full alignment with the ministry’s strategy to meet local market demand while also driving increased value for shareholders.

A video segment followed to highlight the company’s achievements as AMOC reported a standalone net profit of 1.275 billion EGP marking a 210 million EGP increase over last year. In consolidated figures, the net profit surged to 1.699 billion EGP. The total sales reached 1.43 million tons translated to approximately 33.3 billion EGP representing a remarkable 39% increase compared to the previous fiscal year.

The planned and ongoing projects were presented which focus on creating a safe working environment, reducing emissions, and improving energy efficiency through well-structured strategies. In terms of maximizing productivity, AMOC is actively working to expand its storage capacity by constructing four new warehouses, thereby improving operational flexibility.

Moreover, AMOC’s responsibility towards society is reflected in its social contributions in the fiscal year 2023-2024 with a total of 20 million EGP aimed at ensuring a dignified life for citizens. Today, the Minister approved an increase in this allocation to reach 25 million EGP for the coming year.

Upon the conclusion, The General Assembly ratified the financial results for the fiscal year 2023-2024, agreeing to distribute dividends of 0.75 EGP per share in two instalments, 0.45 EGP in October 2024 and 0.30 EGP in February 2025 to be paid to shareholders.

Subsequently, an Extraordinary General Assembly convened to discuss certain articles of the company’s bylaws, incorporating new activities to expand its production scope.

His Excellency, Eng. Karim Badawi reaffirmed his unwavering support for AMOC in pursuing its ambitious strategy.

The General Assembly was attended by Eng. Salah ElDin Abdel Karim, EGPC’s CEO, Ms. Amal Tantawy, EGPC Deputy Chairman for Financial Affairs, Eng. Hassanein Mohamed, Head of the Central Administration of the Minister’s Office, Eng. Ihab Ragai, Undersecretary of the Ministry of Petroleum for Production Affairs, Eng. Moataz Ahmed Atef, Head of the Central Administration for the Technical Office and the Ministry’s Spokesperson, Mr. Ahmed Randi, Head of the Central Administration for Communications, Eng. Mahmoud Nagy, Head of the Central Administration for Transportation and Marketing, and Mr. Mohamed Ragheb, Undersecretary of the Central Auditing Organization, along with distinguished board members.