Alexandria Flour Mills & Bakeries and South Cairo & Giza Mills & Bakeries announced raising the value of their cash dividends for the fiscal year 2013/2014 by 10.5% and 66.6% respectively.
The move came at a time in which companies are hedging again successive financial crises, political tensions, and worker strikes.
Research firms expect a rise in cash dividends for the fiscal year 2013/2014 to nearly EGP 168.4 million, 27.3% higher compared to actual cash dividends reaching EGP 132.243 million in 2012/2013.
Al Jazira Securities said in a report that cash dividends distributed by Upper Egypt Flour Mills rose in 2013/2014 to EGP 47.950 million, compared with EGP 40.600 million a year earlier. Upper Egypt Flour Mills posted unaudited standalone financial results for the fiscal year that ended on June 30, 2014, showing that net profit rose 39.3% to EGP 65.7 million from EGP 47.2 million net profit a year earlier.
Al Jazira also said total dividends paid by Middle & West Delta Flour Mills Co. in 2013/2014 rose to EGP 33.750 million, from EGP 28.5 million (EGP 3.8 per share) in 2012/2013.
The board of Middle and West Delta Flour Mills ratified financial results for the fiscal year FY13/14, showing that net profit increased 35% to EGP 64.1 million, from EGP 47.6 million a year earlier.
Cash dividends paid by East Delta Flour Mills increased to EGP 32.1 million (EGP 3.65/share) in 2013/2014 from EGP 20.7 million (EGP 3.45/share).
The company’s board had endorsed financial statements for the fiscal year that ended on June 30, 2014, showing that net profit rose 34.7% to EGP 47.9 million from EGP 35.6 million a year earlier.