Cairo – Mubasher: The net profits of Universal for Paper and Packaging Materials (Unipack) slid by 57.2% year-on-year (YoY) to EGP 10.86 million in 2020, compared to EGP 25.37 million.

Sales retreated to EGP 364.49 million last year from EGP 441.14 million in 2019, Unipack said in a bourse disclosure on Sunday.

The board of directors recommended a cash dividend distribution of EGP 10.86 million for 2020’s earnings and a one-for-10 stock split, cutting the share’s nominal value to EGP 0.10 from EGP 1.

The proposals will be referred to the company’s shareholders for approval.

 During the first nine months of 2020, Unipack posted net profits of EGP 10.06 million, down from EGP 21.09 million in the same period a year earlier.