Cairo – Mubasher: Obour Land for Food Industries posted a 24% year-on-year profit growth during 2019, the company’s consolidated financial statements showed.

The company’s net profits hiked to EGP 295.28 million last year, compared to EGP 238 million in 2018, according to a bourse disclosure on Sunday.

Meanwhile, the Egyptian company generated EGP 2.58 billion in sales in the twelve-month period ended 31 December 2019, compared to EGP 2.39 billion a year earlier.

As for standalone business, the company’s net profits grew to EGP 294.83 million in 2019, up from EGP 238 million in the previous year.

Moreover, the company’s board of directors recommended a cash dividend distribution of EGP 200 million for last year’s earnings. The ordinary general meeting (OGM) is scheduled to convene on 25 February to decide on the proposed dividends.  

The company’s distributable profit amounted to EGP 397.5 million, including achieved profits of EGP 280.09 million and retained profits of EGP 117.4 million.

The board proposed allocating a statutory reserve of 14.74 million and retaining EGP 164.05 million for the next year.   

In December 2019, Obour Land expected its profits to range between EGP 280 million and EGP 290 million by the end of 2019 based on the financial results of the January-September period of the year.

It is noteworthy that during the first nine months of 2019, the company reported a net profit of EGP 240.58 million, compared to EGP 180.2 million in the prior-year period.