Arab Moltaqa Investments posts 24% higher profit in 2020; dividends proposed

Cairo – Mubasher: Arab Moltaqa Investments reported consolidated net profits of EGP 74.5 million in 2020, rising by 24% year-on-year (YoY) from EGP 60.05 million, including minority shareholders’ rights.

The company generated EGP 552.98 million in revenue last year, down from EGP 620.77 million in 2019, according to a bourse disclosure on Tuesday.

As for standalone business, the company achieved net profits of EGP 35.51 million in 2020, compared to EGP 31.46 million a year earlier.

The board of directors recommended a cash dividend distribution of EGP 15 million or EGP 0.50 per share for 2020’s earnings and approved a 10-for-one stock split, cutting the share’s nominal value to EGP 1 from EGP 10.

The proposals will be referred to the company’s shareholders for approval.

During the first nine months of 2020, Arab Moltaqa Investments logged EGP 63.66 million in net profits, down from EGP 66.9 million in the corresponding period a year earlier, including minority shareholders’ rights.  

Mubasher Contribution Time: 23-Feb-2021 10:04 (GMT)
Mubasher Last Update Time: 23-Feb-2021 10:04 (GMT)