AMOC’s Exceptional Fiscal Year 22/23 Results Gain Approval at the Annual General Assembly


In the presence of His Excellency, Eng. Tarek Al Molla ; Minister of Petroleum and Mineral Resources, AMOC held its Annual General Assembly today the 14th of October 2023. The assembly discussed the financial results for the fiscal year 2022/2023 and highlighted AMOC’s agenda to implement a number of projects aiming to enhance the operational efficiency. His Excellency praised AMOC’s current performance indicators and its significant role in meeting the local market’s needs. Additionally, AMOC supplied roughly 712,000 tons of fuel oil marking a 100% increase compared to the previous fiscal year, thereby helping to lower the import costs. The Minister emphasized the necessity of a forward-looking strategy for the upcoming projects to optimize the use of existing opportunities and resources, improve workforce efficiency and explore a potential involvement in energy transition initiatives aligning with the Petroleum sector pursuit of sustainable development goals. In the preceding fiscal year, AMOC achieved substantial results with approximately 24 billion EGP in revenue and profit of around 1.056 billion EGP. The company also achieved dollar returns of about 79 million dollars during the year. During the assembly, Eng. Amr Lotfy; AMOC’s Chairman and CEO affirmed the success of addressing longstanding challenges including the regulation of the land where AMOC flame stands and the enhancement of the company’s cost structure to ascertain individual product costs aiming to lower production expenses and maximize overall returns. Aligning with the Ministry’s initiative to cut carbon emissions and optimize the utilization of flare gases, AMOC realized financial savings of about 21 million EGP after completing the Zero Sweet Flare phase which reduced annual carbon emissions by approximately 5330 tons of carbon dioxide equivalent. Currently, efforts are ongoing to implement the second phase of acid gas utilization. Eng. Amr Lotfy proceeded to provide updates on recent developments including the enhancement in the efficiency of the steam and condensate network and the decrease in steam losses as well as the implementation of an upgraded boiler operation system using SCADA system besides the progressing project to enhance the cooling towers for oil and gas oil complexes. During the fiscal year 22/23 , AMOC played an active role in various areas of corporate social responsibility including the rehabilitation and development of neighbouring villages such as Palestine Village in Al-Amriya; Alexandria. The company also supported healthcare facilities with their needs for advanced equipment, in addition to the educational institutions. At present, AMOC is in the process of implementing the SAP-ERP system which is expected to be completed within a maximum of one year. This initiative is aimed at consolidating data sources and facilitating data-driven decisions and reporting. Towards the meeting’s conclusion, the General Assembly of AMOC granted the approval of the fiscal year 2022/2023 results and listed agenda. It endorsed the distribution of dividends amounting to 65 piasters per share in two installments. The first 45 piasters on the November 8,2023 and the second 20 piasters on March 7,2024 for shareholders on record as of November 5,2023. The Assembly was attended by Geo. Alaa Al Batal; EGPC’s CEO, Mr. Ahmed Randy; Head of the Centeral Telecommunications, Eng. Hassanein Ahmed Hassanein; Head of the Office of the Minister of Petroleum and Mineral Resources, Mr. Hamdy Abdel Aziz; Media Advisor for the Minister of Petroleum and Mineral Resources, Mr. Khaled Othman; Assistant Minister of Petroleum for Commercial Affairs and the Supervisor of the Domestic and International Deputies at EGPC, Mr. Ashraf Abdallah; Assistant Minister of Petroleum for Financial and Economic Affairs and Supervisor of the Financial and Economic Affairs Deputy at EGPC, Chem. Mohamed Ali Hassanein; Deputy CEO of Refining and Manufacturing, Eng. Ayman Emara, Deputy CEO of Planning and Projects and Mr. Hossam El Toni ; Deputy CEO of Administrative Affairs.