Cairo – Mubasher: The ordinary general meeting (OGM) of Eastern Company has approved the proposed cash dividend distribution of EGP 1.60 per share for fiscal year (FY) ended 30 June 2022, during a meeting on 24 October.

The dividends will be paid within a period of one month from the OGM meeting date, according to a stock exchange statement on Tuesday.

The OGM further approved the board’s report and financial statements for FY21/22.

Last month, the EGX-listed company recommended the cash dividend distribution.

In FY21/22, Eastern Company achieved EGP 4.03 billion in net profit after tax and provisions, down 6% when compared to EGP 4.28 billion a year earlier.

Basic earnings per share (EPS) amounted to EGP 1.61 in FY21/22, compared to EGP 1.74 in FY20/21.

Moreover, the company’s revenue increased by 7% annually over the 12-month period ended 30 June 2022 to EGP 17.13 billion, compared with EGP 16.02 billion.