Cairo – Mubasher: Egypt Free Shops announced that its board of directors recommended a cash dividend distribution of EGP 1.06 per share to shareholders for fiscal year 2018/2019.

Total proposed dividends amounted to EGP 99.889 million for FY18/19, compared to EGP 85.722 million for FY17/18, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The company’s capital reaches EGP 93.75 million divided on 93.75 million shares.

In addition, remuneration of members of the board of directors amounted to EGP 5.594 million.

The proposed dividends are still subject to approval by shareholders during the company’s ordinary general meeting (OGM) on 7 August.

During FY18/19, the company reported net profits of EGP 117.01 million, compared to EGP 100.26 million in the year-ago period, including minority shareholders’ rights.

Meanwhile, revenues rose to EGP 709.95 million in FY18/19 from EGP 544.7 million a year earlier.

 As for standalone business, the company logged a profit of EGP 116.58 million in the 12-month period ended 30 June, compared to EGP 100 million in the prior fiscal year.