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Zahraa Maadi postpones dividend payment for lack of liquidity

Zahraa Maadi postpones dividend payment for lack of liquidity
The payment will be made on 30 November
Zahraa Maadi
ZMID
-4.99% 15.03 -0.79

Cairo – Mubasher: Zahraa Maadi Investment and Development has postponed the last payment of its cash dividends amounting to EGP 0.15 per share for lack of cash liquidity. 

The payment will be made on 30 November instead of 30 September, the real estate developer said in a bourse disclosure on Thursday. 

In March, the shareholders of Zahraa Maadi Investment and Development approved a cash dividend of EGP 0.45 per share at a total value of EGP 118.8 million, representing 45% of the paid-up capital. 

The dividends were scheduled to be paid in three equal instalments on 30 May, 30 July, and 30 September.

During the first half (H1) of 2021, Zahraa Maadi logged net profits of EGP 90.08 million, up from EGP 69.45 million in H1-20.

The sales rose to EGP 120.68 million in the six-month period ended 30 June from EGP 68.74 million in the year-ago period.