Cairo – Mubasher: The audited financial statements of Middle Egypt Flour Mills showed a 12.4% year-on-year decrease in its net profits during fiscal year 2018/2019.
Net profits tumbled to EGP 128.68 million in the twelve-month period ended 30 June, compared to EGP 146.9 million in the prior fiscal year, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
Meanwhile, sales shrank to EGP 576.56 million from July 2018 to last June, compared to EGP 1.74 billion in FY17/18.
In addition, the company’s board of directors recommended a cash dividend distribution of EGP 4.75 per share with a total value of EGP 69.93 million for FY18/19.
The dividends will be paid in two tranches; the first one amounts to EGP 6.62 million and the second one stands at EGP 63.3 million.
It is noteworthy that during the first two months of FY19/20, the company reported an 8.37% year-on-year profit retreat, logging EGP 22.06 million in July and August, compared to EGP 24.08 million in the year-ago period.
