Cairo – Mubasher: The ordinary general meeting (OGM) of Elsewedy Electric Co approved a cash dividend distribution of EGP 1.746 billion for 2019.
The company’s shareholders decided to distribute EGP 0.80 per share after excluding 1.433 million Employee Stock Ownership Plan (ESOP) shares, according to a bourse disclosure on Wednesday.
The distributable profits amounted to EGP 3.366 billion. A total of EGP 1.528 billion has been allocated as retained earnings.
It is worth mentioning that in 2019, Elsewedy Electric reported net profits of EGP 4.163 billion, down from EGP 5.109 billion in 2018, including minority shareholders’ rights.