Cairo – Mubasher: Suez Cement on Tuesday announced its board of directors has decided not to pay cash dividends to shareholders for 2018.

The company’s retained profits amounted to EGP 1.3 billion, upon which total profits reached EGP 1.5 billion at the end of 2018, according to a statement to the Egyptian Exchange (EGX).

The board’s decision is subject to the approval of the ordinary general meeting (OGM), the company said.

Earlier this day, Suez Cement posted it had turned to profitability in fiscal year 2018, with EGP 121.43 million in net profits, against a loss of EGP 1.13 billion in 2017.

Sales rose to EGP 7.42 billion last year, versus EGP 6.46 billion in 2017.

As for the standalone business, the company has turned profitable with EGP 199.86 million in 2018, against a loss of EGP 441.79 million a year earlier.