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Zahraa Maadi plans capital boost through bonus issue

Zahraa Maadi plans capital boost through bonus issue
Photo Credit: Arabianeye-Reuters
Zahraa Maadi
ZMID
-2.92% 6.64 -0.20

Egypt-based property developer Zahraa Maadi Investment and Development posted financial indicators for the fiscal year 2014, showing a slight rise in net profits to nearly EGP 112.48 million, compared with EGP 112.36 million a year earlier.

The company had posted EGP 80.3 million net profit for the first nine months of FY14, with a rise by 14% from EGP 70.4 million net profit in the same period a year earlier.

The company’s board of directors endorsed a report for proceeding with a capital increase from EGP 50 million to EGP 55 million through issuing 5 million bonus shares.

The bonus share distribution will be financed from FY14 earnings.

Photo Credit: Arabianeye-Reuters