Cairo – Mubasher: Madinet Nasr Housing and Development’s (MNHD) ordinary general meeting (OGM) has approved the distribution of EGP 240 million for fiscal year 2018 as bonus shares.
The OGM has agreed to distribute 1-for-5 basis bonus shares for FY18, the Cairo-based real estate developer said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The leading property developer’s board previously proposed FY18 dividends with the aim to raise issued and paid-up capital by EGP 240 million to EGP 1.44 billion to EGP 1.2 billion through the distribution of 0.2-for-1 basis bonus shares or a nominal value of EGP 1.
MNHD last reported that its 2018 consolidated profits had surpassed EGP 1 billion for the first time.
The property developer logged an EGP 1.11 billion in net profits during the full-year ended 31 December 2018, compared to EGP 933 million in 2017.
Sales increased to EGP 2.7 billion last year, up from EGP 2.42 billion a year earlier.
