News

Misr Chemical Industries announced Wednesday that the ordinary general meeting (OGM) approved paying out cash dividends at 25 piasters per share for the fiscal year 2015/16, according to a bourse filing. Moreover, the ordinary meeting also ratified the financial position statement year with EGP 29 million net profits after tax, discharging board members for all liabilities for the fiscal year ended on 30 June 2016. The company 's profit declined 19.7% to EGP 36.1 million in 2015/16. Lower profit was driven by the falling production capacity due to outdated operating machines, said the chairman Samir Al-Khouly in a separate bourse filing, adding that the company upgraded the machines for increasing the operational capacity to 57% this year. Presently, the company co-operates with a German company to develop the electricity cell project at EGP 135 million for enhancing the production capacity by mid-2017. During 2015/16, the company achieved EGP 168.3 million sales, of which exports amounted to EGP 17.2 million.   Source: Mubasher