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Telecom Egypt proposes EGP 1.7bn dividends for 2017

Telecom Egypt proposes EGP 1.7bn dividends for 2017
The board also proposed distributing a cash dividend of EGP 1 per share for 2017
Telecom Egypt
ETEL
-1.36% 37.78 -0.52

Cairo – Mubasher: Telecom Egypt’s board recommended cash dividend distributions to shareholders of EGP 1.7 billion for 2017.

The board also proposed distributing a cash dividend of EGP 1 per share for 2017 and retaining around EGP 520.6 million for 2019, the Egyptian telecom company said in a filing to the Egyptian Exchange (EGX) on Monday.

Telecom Egypt’s capital amounts to EGP 17.07 billion distributed over 1.7 billion shares at a par value of EGP 10 per share.

Given that Telecom Egypt also reported an 18% year-on-year surge in consolidated profits for 2017, as net profit amounted to EGP 3.2 billion last year, compared to EGP 2.7 in 2016.