Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria’s board of directors proposed a cash dividend distributions of EGP 668.2 million to shareholders for 2017.

The board recommended paying EGP 50 per share, in addition to distributing EGP 170.8 million for employees, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The steel producer achieved EGP 202.3 million in gains from exchange rate differentials, against a loss of EGP 895.9 million, the firm added.

The Egypt-based company also reported a 72% year-on-year decline in profits in the full-year 2017, registering EGP 362.4 million versus EGP 1.3 billion in the year-ago period.

Al Ezz Dekheila Steel’s capital amounts to EGP 1.33 billion distributed over 13.3 million shares at a par value of EGP 100 per share.