Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) said Tuesday that it has reduced its investment budget for fiscal year 2016/2017 to EGP 45.05 million from EGP 127.4 million.
The investment budget will be used in purchasing equipment worth EGP 23.1 million and building facilities worth EGP 12.04 million, according to a bourse filing.
The company earlier said that it seeks to raise its profits for the current fiscal year by 39.5% to EGP 182.8 million.
