Cairo – Mubasher: The board of Telecom Egypt (TE) recommended increasing the proposed cash dividends for 2015 to EGP 0.75 a share, rather than EGP 0.45 per share, according to a filing posted Thursday.
Thus, shareholders’ dividends will reach EGP 1.280 billion.
The company's ordinary general meeting, which will be held on 23 March, will consider the dividend proposal, along with moving part of the general reserve to retained earnings.
The telecom company's net profits for 2015 rose 111.2% year-on-year to EGP 2.99 billion from EGP 1.41 billion, according to the consolidated statements.
Meanwhile, the unconsolidated financial statements for the same period showed that the company's net profits decreased by 16.7% y-o-y to EGP 1.26 billion from EGP 1.51 billion.
