Cairo - Mubasher: Beltone Financial expects Upper Egypt Flour Mills (UEFM) to reach stock price to rise from EGP 82.5 to between EGP 140 and 150 by the third quarter of 2017, according to a recent report.
The research firm added in its report on Wednesday that the company has so far achieved profits of EGP 150 million in the fiscal year 2016-2017, with expected dividends of around EGP 10 per share with a return of 12%.
According to Beltone, Upper Egypt Mills was able to maintain the strength of Q1 profits amid the current decrease in the value of the Egyptian pound.
UEFM ended Wednesday’s trading session on the Egyptian Exchange (EGX) up 0.79% and closed at the level of EGP 84.42.
