The ordinary general meeting of Egyptian Chemical Industries (KIMA) approved on Sunday, October 19 the board reports, as well as financial statements for the fiscal year that ended on June 30, 2014.
Shareholders decided to withhold cash dividend and use it in the company’s capital increase, as per rules issued by the Egyptian Financial Supervisory Authority (EFSA).
The chemical producer posted EGP 107.147 million net profit for FY13/14, with a decline by 33% compared with EGP 159.681 million a year earlier.
It had posted EGP 56.726 million net profit for the nine-month period that ended on March 31, 2014, compared with EGP 135.255 million in the same period a year ago.
The company is capitalized at EGP 1.890 billion, divided into 378 million shares at EGP 5 par value each.
Earlier in September, KIMA announced it received a loan worth EGP300 million from Holding Company for Chemical Industries.
According to the company, will loan will go for financing KIMA’s rehabilitation. KIMA is capitalized at EGP 1.890 billion, divided into 378 million shares at EGP 5 par value each.