Cairo – Mubasher: Egyptian Company for International Tourism Projects (Americana Egypt) suffered losses of EGP 129.4 million during the fourth quarter of 2016 against profits worth EGP 30.6 million in the corresponding period of 2015.

The consolidated profit during fiscal year 2016 reached EGP 41.5 million which was 78% lower than EGP 187.8 million in FY15, according to a bourse statement issued on Sunday.

Standalone profits amounted to EGP 45 million in FY16 when compared to EGP 171.16 million in FY15.

Americana Egypt recommended a cash dividend of 9.9 piasters per share for FY16, with an overall value of EGP 39.6 million which will be paid in two instalments; the first instalment will total EGP 18 million, while the second instalment of the dividends payout will total EGP 21.6 million.

The company’s sales grew by 5% to stand at EGP 2.83 billion in FY16, while investments reached EGP 384 million as compared to EGP 480 million in FY15, the statement added.