Cairo – Mubasher: Ibnsina Pharma on Sunday announced that it would not distribute cash dividends to shareholders for 2017.

The board has proposed a distribution of EGP 8.6 million to employees, as well as retaining EGP 8.51 million from net profits as a legal reserve, the company added in a statement to the Egyptian Exchange (EGX).

Retaining profits for 2019 amounts to around EGP 216 million, according to the statement.

The Egypt-based pharmaceutical company further noted that exports of its products stood at EGP 1.8 million.

The ordinary general meeting (OGM) is scheduled to discuss the company’s financial results for 2017 and the zero dividend recommendation on 2 April, the statement pointed out.

Given that the audited financial statements of Ibnsina Pharma showed a 67.2% year-on-year growth in profits for the full-year 2017, as net profit reached EGP 170.14 million last year from EGP 101.75 million.