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Arab Moltaqa’s profit jumps 48% in 2019; dividends proposed

Arab Moltaqa’s profit jumps 48% in 2019; dividends proposed
The board recommended a cash dividend of EGP 60 million

Cairo – Mubasher: The consolidated financial statements of Arab Moltaqa Investments reported a 48% year-on-year profit hike during 2019.

Net profits grew to EGP 60 million last year from EGP 40.48 million in 2018, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s revenues soared to EGP 620.77 million in the year ended 31 December 2019 from EGP 574.5 million a year earlier.

As for standalone business, the company logged a net profit of EGP 31.4 million last year, down from EGP 36 million in 2018.

Meanwhile, the board of directors recommended a cash dividend of EGP 60 million for 2019 to be distributed in two tranches: EGP 15 million and EGP 45 million.

In addition, the board also approved EGP 65.7 million in retaining earnings for 2020.

It is noteworthy that during the first nine months of 2019, Arab Moltaqa Investments reported net profits of EGP 66.9 million, compared to EGP 54.91 million in the corresponding period a year earlier.