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Obour Land’s shareholders approve EGP 0.50/shr dividend for 2019

Obour Land’s shareholders approve EGP 0.50/shr dividend for 2019
Shareholders agreed to distribute a total of EGP 200 million

Cairo – Mubasher: The ordinary general meeting (OGM) of Obour Land for Food Industries approved a proposal to distribute EGP 0.50 per share as cash dividends for 2019.

Shareholders agreed to distribute a total of EGP 200 million for last year’s earnings, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

Total distributable profits for 2019 reached EGP 397.5 million, including EGP 280.09 million in achieved profits and EGP 117.4 million in retained earnings.

Statutory reserves of EGP 14.74 million or 5% of total distributable net profits of 2019 which amounted to EGP 295 million have been deducted.

Shareholders agreed to allocate retained earnings of EGP 164.05 million for 2020.

It is noteworthy that for the full-year 2019, Obour Land’s net profits rose to EGP 295.28 million from EGP 238 million in 2018.