Cairo – Mubasher: October Pharma’s ordinary general meeting (OGM) will convene on Sunday to discuss the company’s dividend distributions among other items.

October Pharma’s board had recommended a cash dividend totalling EGP 24 million, representing 40% of capital, for 2017.

The OGM will also tackle the possibility of opening a legal unit, subsidiary, or entity in the UAE.

October Pharma last reported a 60% surge in profits to EGP 56 million in 2017 from EGP 35 million in 2016; the rise came on the back of higher revenues, which grew to EGP 350 million last year from EGP 288 million the previous year.

The company had also said it was looking to bolster its sales in 2018, targeting a 31% sales increase to EGP 480 million in 2018 as part of its budget.

Last week, October Pharma’s board approved selling 240,000 treasury shares at market price on instalments.