Cairo – Mubasher: North Africa Company for Real Estate Investment's profits dropped 75.45% in 2016.
The company posted profits of EGP 2.85 million in 2016 compared to EGP 11.61 million in 2016, according to a bourse filing on Sunday.
Sales increased to EGP 42.52 million in 2016 from EGP 34.19 million in 2015.
In a separate statement, the firm stated that it achieved EGP 7.5 million in profits from foreign exchange differences as a result the exchange rate's liberalisation.
The firm's board recommended the distribution of cash dividends at EGP 0.0136 per share, totaling EGP 2.33 million.
The general assembly will meet on 5 April to consider the distribution.
