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Heliopolis Housing shareholders cut FY12/13 dividend to EGP0.85/shr

Heliopolis Housing shareholders cut FY12/13 dividend to EGP0.85/shr
Heliopolis Housing
HELI
-1.63% 9.64 -0.16
The ordinary general meeting of Cairo-based property developer Heliopolis Housing endorsed yesterday the board and auditor’s reports, as well as financial statements for the fiscal year that ended on June 30, 2013.
Board members were discharged from liability for the same FY.
Shareholders also gave a nod to FY12/13 dividend distribution, lowering the value of proposed coupon to EGP 0.85 from EGP 0.96 per share.
The company’s board had proposed the distribution of EGP 107.145 million in cash dividend for FY12/13 at EGP 0.96 per share.
The developer had generated EGP 135.532 million net profit for FY12/13, with a 24.9% increase compared with EGP 108.434 million net profit a year earlier.
The profit rise was attributed to the 36% increase in sales to EGP 337.9 million from EGP 247.9 million.
The company’s activities comprise undertaking housing and development projects; preparing, dividing and supplying land plots with utilities and services; organizing, mapping and selling land plots owned by self or managed for third party; designing and supervising project execution; building distinctive houses.