Cairo – Mubasher: Emerald Real Estate Investment reported a 48.3% year-on-year profit hike during 2019.

The real estate firm’s net profits grew to EGP 26.15 million last year from EGP 17.62 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues went up to EGP 59.32 million in 2019, compared to EGP 56 million in the previous year.

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 12 million for 2019, up 20% from 2018.

The distributable profit amounted to EGP 35.08 million and the company decided to allocate EGP 18.25 million of retained earnings for 2020.

The proposal will be referred to the ordinary general meeting (OGM) and extraordinary general meeting (EGM), scheduled to be held on 28 March, for approval.

It is noteworthy that in January, the listing committee of the EGX decided to list Emerald’s stock with an issued capital of EGP 250 million distributed over 250 million shares.