The board of Arab Cotton Ginning Co. has recommended the distribution of cash dividend at EGP 0.09 per share.
The company will hold an ordinary general meeting on Tuesday, September 30, 2014, to look into ratifying financial statements for the fiscal year that ended on June 30, 2014.
The board endorsed standalone financial indicators for the fiscal year that ended on June 30, 2014.
These indicators showed a drop in net profit by 63% to EGP 23.9 million, compared with EGP 94.6 million in the same period a year earlier.
The company had posted a 58.2% fall in net profit for the first nine months of FY13/14 to EGP 8.12 million, compared with EGP 19.47 million net profit in the same period a year earlier.
The company had reported EGP 1.55 million net profits in H1-FY13/14 with decline by 48.67% from EGP 3.02 million a year-over-year.
The company announced, recently, that AK III Limited sold 8,343,870 shares in the company, thus reducing its stake to 11.0165% from 14.0976%. ACGC logged EGP 5.2 million net losses in the first nine months of FY13/14, with a decline of 60% from EGP 12.8 million losses a year earlier.