Cairo – Mubasher: Eastern Co on Monday said it has amended its financial statements for fiscal year 2016/2017, recording EGP 2.9 billion in profits, up from EGP 1.4 billion a year earlier.
This comes as a result of the cash dividends, approved by the company’s ordinary general meeting (OGM), of around EGP 10 per share of retaining profits and reserves until 30 June 2017, in addition to the previously endorsed dividends last October, the tobacco firm said in a filing to the Egyptian Exchange (EGX).
Last May, the OGM also endorsed a cash dividend distribution of EGP 10 per share, which will be withdrawn from retained earnings and reserves until 30 June 2017.
The board of Eastern Co had previously approved to raise the company’s capital to EGP 2.25 billion, instead of EGP 1.5 billion.
The financial indicators of Eastern Co showed a 156.27% year-on-year hike in profits for the nine-month period ended March 2018.
Net profit amounted to EGP 3.4 billion during the July-March period of 2018, compared to EGP 1.3 billion 1.3 billion in the prior-year period.
