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Arab Moltaqa recrods EGP 221m consolidated profit in 2023; dividends proposed

Arab Moltaqa recrods EGP 221m consolidated profit in 2023; dividends proposed
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Arab Moltaqa Investments
AMIA
-0.44% 2.25 -0.01

Cairo – Mubasher: Arab Moltaqa Investments posted a net consolidated profit of EGP 221.35 million in 2023, up from EGP 148.44 million a year earlier.

The company’s operating revenues surged to EGP 1.19 billion last year from EGP 675.33 million in 2022, according to annual financial statements.

The earnings per share (EPS) reached EGP 0.25 in the 12-month period that ended on 31 December 2023, up from EGP 0.11 the year before.

Standalone Results

On the other hand, the company’s standalone net profit after tax declined to EGP 87.98 million in 2023 from EGP 107.03 million in 2022.

Total operating revenues dropped to EGP 140.15 million last year from EGP 150.59 million a year earlier.

Cash Dividends & Capital Hike

Arab Moltaqa’s board of directors approved the disbursement of EGP 23 million in cash dividends for 2023.

The board also ratified increasing the company’s issued and paid-up capital from EGP 460 million to EGP 510.57 million through the distribution of EGP 50.57 million, or 0.10 per share, in bonus shares.

It is worth noting that Arab Moltaqa posted net profits of EGP 87.52 million in the first nine months (9M) of 2023 from EGP 121.70 million in the similar period a year earlier.