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Egypt Kuwait Holding’s profit up 22% in 2019; dividends proposed

Egypt Kuwait Holding’s profit up 22% in 2019; dividends proposed
The board proposed a cash dividend distribution of 6 cents per share
EKH
EKHO
1.38% 0.88 0.01

Cairo – Mubasher: The consolidated financial statements of Egypt Kuwait Holding (EKH), listed on the Egyptian Exchange (EGX) and Boursa Kuwait, showed a 21.5% year-on-year profit growth during 2019.

The company’s net profits surged to $115.6 million last year from $95.11 million in 2018, including minority shareholders’ rights, according to a statement to the EGX on Thursday.

Meanwhile, the dual-listed company’s revenues rose to $523.94 million in 2019, compared to $461.98 million in the previous year.

As for standalone financials, the company reported net profits of $13.08 million last year, down from $19.8 million in 2018.

In addition, the company’s board of directors recommended a cash dividend distribution of 24% of the share’s nominal value or 6 cents per share, totalling $61.47 million.

The proposal will be referred to the company’s ordinary general meeting (OGM), which will be held on 28 March, for approval.

It is noteworthy that during the first nine months of 2019, Egypt Kuwait Holding’s net profit grew to $85.28 million from $75 million in the year-ago period, including minority shareholders’ rights