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The rise in oil jumps the profits of the Egyptian "AMOC" by 638% in the first nine months

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The rise in international oil prices pushed the combined profits of the Egyptian Alexandria Mineral Oils Company (AMOC) to rise by 638% in the first nine months of the 2021-2022 fiscal year, to reach EGP 761,981 million, compared to a net profit of EGP 103.311 million for the same period last fiscal year, ( One dollar equals 18.44 pounds.

Yasmine Mahmoud, an industrial sector analyst at Naeem Financial, attributed the rise in profits to the “increased international oil prices, and this is the main reason for the company’s increase in profits and sales so far.”

Oil prices rose today, Monday, after supplies were cut off from Libya and Russia warned that prices could rise to a record level, if the number of countries imposing an energy embargo increased.

 
The company's sales increased by 73% to 12.266 billion pounds in the first nine months of 2021-2022, compared to 7.101 billion a year ago.

AMOC was established in 1997, and its shares were listed on the Egypt Stock Exchange in 2004, and is specialized in the production of base oils, non-banned transformer oils, automatic transmission fluids, solid and liquid paraffin wax, low sulfur gas oil, and petroleum gas.

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The company's share on the Egyptian Stock Exchange jumped to 3.53 pounds, up 7.3% by 0942 GMT, to acquire the third highest trading value in the market.

Ibrahim El-Nimr, a technical analyst, says that "the AMOC stock has been moving in a transverse range between EGP 3.40 as a support level and EGP 4.40 as a resistance level since last September until now."

Alexandria Petroleum owns 20% of the company's shares, Al Ahly Capital 20%, Egypt Financial 9%, Misr Insurance 5.5%, and other government agencies 19%, while the rest of the shares are traded on the Egyptian Stock Exchange as freely traded shares.
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