AMOC earnings tank in 2Q2018-19

EARNINGS WATCH- AMOC earnings tank in 2Q2018-19: Alexandria Mineral Oils Company’s (AMOC) net profits fell 93% y-o-y to EGP 25 mn during 2Q2018-19, making it the company’s worst quarter in a decade, according to Shuaa Securities (pdf), which noted that the state company’s profits fell 90% below expectation. Company revenues were up 35% y-o-y to EGP 3.7 bn.

What now for the IPO? While Shuaa offers no comment on the impact this would have on AMOC’s planned listing of a 20% stake as part of the state privatization program,AMOC shareholders decided earlier this month to hold off on the float until the company returns to profitability. The government is currently deliberating whether to offer AMOC during the second wave of companies or withdraw it from the privatization program completely.