Cairo – Mubasher: Dice Sport and Casual Wear’s (Dice) board of directors approved increasing the company’s authorised capital to EGP 106 million from EGP 53 million.

The capital will be raised by EGP 53 million distributed on 265 million shares by issuing one bonus share for every share held, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.  

The capital raise, which will be financed from retained earnings, is still subject to approval by the company’s extraordinary general meeting (EGM).

During the first quarter of 2019, Dice’s net profits declined to EGP 31.06 million from EGP 42.72 million in Q1-18, according to the company’s consolidated financial statements.

Year-on-year, the company’s sales increased to EGP 338.37 million in the three-month period ended 31 March, compared to EGP 314.23 million.

On the other hand, cost of sales rose to EGP 267.13 million from January to March, compared to EGP 222.22 million in the year-ago period.

As for standalone business, Dice’s net profits fell by 1.2% to EGP 21.91 million in Q1-19, compared to EGP 22.18 million in Q1-18.