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AMOC says 6-month net profit up 68 pct - Daily News Egypt

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AMOC says 6-month net profit up 68 pct

CAIRO: Egypt s Alexandria Mineral Oils Co (AMOC) reported net profit of LE 331.8 million ($57.9 million) for the six months to Dec. 31, 2005, a rise of 68 percent on the same period a year earlier. The oil products company, in which the government sold a 20 percent stake in September, reported its results …


CAIRO: Egypt s Alexandria Mineral Oils Co (AMOC) reported net profit of LE 331.8 million ($57.9 million) for the six months to Dec. 31, 2005, a rise of 68 percent on the same period a year earlier.

The oil products company, in which the government sold a 20 percent stake in September, reported its results in a statement published in newspapers.

These figures seem in line, said Mohamed Fahmy, an analyst with Prime Research.

He said he was forecasting AMOC would make a net profit of LE 800 million for the full year to June 2006, and expected higher net profit in the second half of the firm s financial year compared to the first half to reach that target.

The government said at the end of last year it would offer a second tranche of AMOC shares amounting to between 15 and 30 percent of the company. But it did not give a specific timetable for the offer.

AMOC shares were down 2.7 percent at LE 82.70 in early trading on Thursday. The shares were offered to retail investors in September at LE 45 each and to big investors at LE 59.59 a share. Reuters

Topics: FJP

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