Cairo – Mubasher: Zahraa Maadi Investment and Development posted a 16% year-on-year profit growth during 2019.

The company’s net profits increased to EGP 177.08 million last year from EGP 152.56 million in 2018, according to a bourse disclosure on Tuesday.

Over the course of 2019, sales fell to EGP 429 million, compared to EGP 576.4 million in the previous year.

The board of directors approved a decision to increase the company’s issued and paid-up capital by EGP 132 million through a bonus issue to be financed from 2019's dividends and retained earnings.

The proposed dividends represent 175% of the company’s paid-up capital, including EGP 99 million or EGP 0.75 per share as cash dividends and EGP 132 million as bonus shares by distributing one share for share held.

It is worth mentioning that during the first nine months of 2019, Zahraa Maadi’s net profits stood at EGP 110.2 million, up from EGP 87.17 million in the prior-year period.