Cairo – Mubasher: The ordinary general meeting (OGM) of Remco for Tourism Villages Construction has approved the board’s proposal of not paying cash dividends to shareholders for fiscal year 2018.

The OGM has endorsed 2018 financial statements, as well as the board’s report on the company’s business for the same year, Remco said in a statement to the Egyptian Exchange (EGX) on Monday.

In 2018, Remco achieved a net profit of EGP 220.86 million, down 19.2% from EGP 273.13 million a year ago.

The company’s operating expenses grew by 60.7% last year, reaching EGP 143 million, versus EGP 88.97 million a year earlier.