Cairo – Mubasher: The ordinary general meeting of Elsewedy Electric gave the green light to the two-pound dividend per share, totaling EGP446.8 million on Tuesday, said the company in a bourse filing.
Thus, Egypt’s home appliance and cable producer increased the total cash dividend distribution to EGP670 million at EGP3 a share for 2015, which is nearly 200% higher the amount paid a year earlier.
On 12 January 2016, the shareholders approved periodically paying out dividends at EGP1 per share, totaling EGP223.4 million.
The two-pound dividend per share will be equally distributed on two installments: the first one will directly follow the shareholders’ approval and the second one will be not later than 30 September 2016.
The company’s consolidated profits for 2015 leapt 203% year-on-year to EGP 1.35 billion from EGP 445 million.
