Cairo - Mubasher: The ordinary general meeting (OGM) of Elsewedy Electric has approved the board’s proposal of distributing a cash dividend to shareholders at EGP 8 per share for the first half of 2017.

The total value of the distributions amounts to EGP 1.747 billion, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Elsewedy Electric added that the OGM approved the financial statements for H1-17, which showed an increase in net profits to EGP 3.05 billion versus EGP 1.66 billion in the year-ago period.

The company’s standalone profits amounted to EGP 1.9 billion in H1-17, registering a sharp rise from EGP 345.12 million in the same period in 2016.