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B Investments Holdings posts 11% profit drop in 2019; dividends proposed

B Investments Holdings posts 11% profit drop in 2019; dividends proposed
The board proposed a cash dividend distribution of EGP 64 million
B Investments Holdings
BINV
1.33% 6.10 0.08

Cairo – Mubasher: The consolidated financial statements of B Investments Holdings showed an 11% year-on-year (YoY) drop in its net profits during 2019.

The company’s net profits fell to EGP 173.7 million last year from EGP 194.48 million in 2018, according to a bourse disclosure on Sunday.

Meanwhile, revenues retreated to EGP 230.6 million in 2019 from EGP 245.44 million in the previous year.

As for standalone business, the company reported net profits of EGP 68.49 million last year, down from EGP 70.6 million in 2018.

The company’s board of directors recommended a cash dividend distribution of EGP 64 million or EGP 0.40 per share for 2019. The proposal will be referred to the company’s ordinary general meeting (OGM) for approval.

It is worth mentioning that during the first nine months of 2019, the EGX-listed firm’s net profits edged down to EGP 142.74 million from EGP 147.8 million in the year-ago period, including minority shareholders’ rights.