Cairo – Mubasher: Elsewedy Electric on Wednesday said its board has recommended a cash dividend to shareholders of EGP 8 per share for the first half of 2017.

Distributions will total EGP 1.747 billion, the company’s financial statement published on the Egyptian Exchange (EGX) showed.

Earlier on Wednesday, the electric equipment and components firm logged EGP 1.5 billion ($80 million) in profits in Q2-17, registering a 68% rise from EGP 893.04 million ($50.3 million) in the corresponding period of 2016.

Between January and June 2017, Elsewedy posted EGP 3.05 billion in profits compared to EGP 1.66 billion in H1-16.

The company had previously reported a profit of EGP 1.54 billion in the first three months of the year, up from EGP 768.7 million, including minority rights, in the year-ago period.

By 11:50 am Cairo time on Wednesday, Elsewedy’s stock added 3.59% to EGP 89.09.