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Raya Holding’s shareholders approve dividends for Q1-19

Raya Holding’s shareholders approve dividends for Q1-19
Raya Holding's net losses reached EGP 26.2 million in Q1-19
Raya
RAYA
-4.86% 4.70 -0.24

Cairo – Mubasher: Raya Holding for Financial Investment’s ordinary general meeting (OGM) approved to distribute a cash dividend of EGP 0.24 per share for the first quarter of 2019.

The OGM also approved the resignation of board member Khaled Salah El-Din, according to a statement to the Egyptian Exchange (EGX) on Sunday.

From January to March, Raya Holding suffered consolidated net losses of EGP 26.2 million, against profits of EGP 15.79 million in the year-ago period.

The company attributed the negative turn in its Q1 financials to the increase in general, marketing, and financing expenses of the new activities.

Year-on-year, revenues increased to EGP 1.99 billion in the three-month period ended 31 March, compared to EGP 1.81 billion.

Meanwhile, the company’s activity costs rose to EGP 1.61 billion in Q1-19 from EGP 1.49 billion in Q1-18.

As for standalone business, the company turned into profits of EGP 61.1 million in the January-to-March period, versus losses of EGP 9.09 million in the corresponding period a year earlier.