4 Mar 2020 07:00
Alexandria Mineral Oils company (AMOC)
Results of board of directors meeting held on Saturday February 15, 2020 that includes the following:
- The Board approved the audited separate financial statements and the audited consolidated financial statements of the company as of 31/12/2019 and its complementary clarifications after been reviewed by the Company's auditors which resulted to issuing interim separate and consolidated financial statement reports issued by the Company's auditor ( Abbassi El-Geriani) and the other report issued by auditors of the central auditing organization.
- The Board of Directors approved the report of the Audit Committee for the same period.
- The Board also made some decisions that would conduct the company's normal operational work.
- The company also acknowledges that this summary contains all the essential information that must be disclosed in accordance with the provisions of the Money Market Act, its implementing regulations, and the rules and decisions issued I accordance to them.
Audit Committee Meeting Minutes
For the period ended December, 31st, 2019
Examination of the consolidate and separate financial statements of the company as of December, 31st , 2019 and ensure that existing laws are met according to the company's law No. 159 for the year 1981 and its executive regulations and the Capital Market Law No. 95 for the year 1992 and its implementing regulations and disclosure requirements of the Egyptian Stock Exchange
Important Business issues that had been done by the Audit Committee:
The total investment of about 2.482 billion EGP and the total equity of about 2.427 billion EGP and a net profit of about 68.968 Million EGP and net sales of 5.353 billion and the cost of sales of 5.372 billion EGP, and the total profit of 19.239 million EGP.
As it has been confirmed that the financial statements are made in accordance with the Egyptian Accounting Standards as well as to ensure that an independent consultant to prepare a report for the transactions of the related parties and to see the report of reviewing the current usage (spare parts) and the purchase tenders (local and international)
The Committee also recommend to present its reports and the consolidate and separate financial statements of the company to the BOD for approval.
here below you can find the financial statements and the internal auditor reports
http://www.rns-pdf.londonstockexchange.com/rns/9654E_1-2020-3-4.pdf