Cairo – Mubasher: The Ordinary General Meeting (OGM) of Madinet Masr Housing and Development has approved the distribution of EGP 0.20 in cash dividends for 2023.

The dividends are set to be paid in two instalments, the first of which amounts to EGP 0.10 per share to be paid in May 2024, according to a bourse filing.

The second instalment amounts to EGP 0.10 per share to be paid in October.

Madinet Masr logged a 188.85% year-on-year (YoY) surge in the consolidated net profit to EGP 2.12 billion in 2023 from EGP 736.73 million.