Egypt: Zahraa Maadi receives shareholders' approval for dividends in 2022
A cash dividend of EGP 79.20 million, or 15% of the capital, was approved by the shareholders of Zahraa Maadi Investment and Development for 2022.
According to a bourse filing, the EGX-listed company will distribute a dividend of EGP 0.15 per share for 528 million qualifying shares.
The approved cash dividends, meanwhile, will be distributed in two equal payments of EGP 0.05 and EGP 0.10 per share.
It is important to note that at the ordinary general meeting (OGM) on June 15, the shareholders approved the distributions proposal.
The property developer's net profit in 2018 was EGP 261.10 million, up 0.70% from EGP 259.37 million in January–December 2021.
Zahraa Maadi reported net earnings after tax of EGP 76.23 million as of March 31, 2023, up 1.53% from EGP 75.07 million in the same period the previous year.