Cairo – Mubasher: The Egyptian Chemical Industries (Kima) announced that the financial statements approved by Egypt’s Accountability State Authority (ASA) showed a decline of 67.68% in net profits during fiscal year 2018/19.
Net profits, after tax, shrank to EGP 32.33 million during the fiscal year ended 30 June 2019 from EGP 100.05 million in the corresponding fiscal year, Kima said in a bourse disclosure to the Egyptian Exchange (EGX) on Sunday.
It is worth noting that the ASA-approved financials for the period are unlike the indicators announced in July which showed a 74.88% year-on-year plunge to EGP 25.13 million.
Kima reported EGP 261.1 million worth of sales during FY18/19 from EGP 477.6 million FY17/18.
Cash dividends proposed for FY18/19
Meanwhile, the board members of Kima have recommended distributing a cash dividend of EGP 0.00851 per share to the entitled shareholders for FY18/19.
Total value of the proposed dividends stands at EGP 7.6 million.
Furthermore, the board proposed transferring a value of EGP 1.53 million (representing 5% legal reserve) in addition to about EGP 153,020 (representing 0.5% regulatory reserve) to the reserves of distributable income, subject to the approval of the general assembly.
