The ordinary general meeting of Misr Chemical Industries (MCIH) has approved the board and auditors’ reports, as well as statement of financial position and final accounts for the fiscal year that ended on June 30, 2014.
Shareholders nodded to the board’s recommendation on the distribution of cash dividend for FY13/14 at EGP 0.46 per share. Shareholders’ stake in dividends will amount to EGP 23 million and employees’ stake will reach EGP 6.9 million.
Board members were discharged from liability for FY13/14.
The extraordinary general meeting approved trading priority rights in rights issue.
The board had ratified financial highlights for the fiscal year that ended on June 30, 2014, showing that net profit fell 41% to EGP 36.7 million, compared with EGP 62.3 million a year earlier.
FY13/14 sales totaled EGP 166 million, compared with EGP 199 million in FY12/13. Financial statements for the first nine months of FY13/14 showed EGP 23.8 million net profit, with a decline by 46% compared with EGP 44.3 million net profit in the same period a year earlier. MCIH financial results for the seven-month period from July 1, 2013 till January 31, 2014 had mirrored EGP 26.957 million net profit, with a fall by 20.6% year-over-year from EGP 33.943 million.