Cairo – Mubasher: Industrial Engineering Company for Construction and Development’s (ICON) profits increased 457.99% year-on-year in the fourth quarter of 2016, as the company recommended the distribution of bonus shares for 2016.
The company achieved profits EGP 39.67 million in the three months which ended on 31 December 2016 compared to EGP 7.11 million in the same period in 2015, the company said in its statement to the Egyptian Exchange (EGX).
Profits amounted to EGP 80.6 million in 2016, up 38.19% from EGP 58.3 million in 2015
Revenues rose to EGP 406.16 million from EGP 284.11 million.
The board approved the distribution of 0.75 bonus share for each share.
The company’s board had approved a capital hike from EGP 142.5 million to EGP 249.48 million.
ICON stated in a separate statement that foreign exchange losses reached EGP 5.5 million as a result of liberalising the exchange rate.
