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Zahraa Maadi unveils EGP 324m profits in 2023, dividends

Zahraa Maadi unveils EGP 324m profits in 2023, dividends
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Zahraa Maadi
ZMID
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Cairo – Mubasher: Zahraa Maadi Investment and Development witnessed 24.18% higher net profits after tax at EGP 324.23 million in 2023, compared to EGP 261.10 million in 2022.

The sales enlarged to EGP 732.62 million last year from EGP 519.65 million as of 31 December 2022, according to the financial results.

Earnings per share (EPS) surged by 24.40% to EGP 0.51 in 2023 from EGP 0.41 a year earlier.

Dividends & Bonus Shares

The company’s board members agreed to disburse EGP 79.20 million, representing 15% of the paid-up capital, as cash dividends for 2023. Eligible shareholders will pay out a dividend of EGP 0.15 per share.

Zahraa Maadi also announced EGP 472 million as bonus shares at a nominal value of EGP 0.89 per share. This will be applied after increasing the company's capital to EGP 1 billion from EGP 528 million. 

In the first half (H1) of 2023, the listed firm recorded net profits after tax valued at EGP 117.03 million, an annual growth of 6.66% from EGP 109.72 million.