Egypt: Zahraa Maadi obtains shareholders’ nod for 2022 dividends

The shareholders of Zahraa Maadi Investment and Development approved cash dividends amounting to EGP 79.20 million, representing 15% of the capital, for 2022.

The EGX-listed firm will grant a dividend of EGP 0.15 per share for 528 million eligible shares, according to a bourse filing.

Meanwhile, the approved cash dividends will be paid over two installments valued at EGP 0.05 and EGP 0.10 per share, respectively.

It is worth highlighting that the shareholders greenlighted the dividends proposal during the ordinary general meeting (OGM) that was held on 15 June.

Last year, the real estate developer generated EGP 261.10 million in net profit, marking a rise of 0.70% from EGP 259.37 million in January-December 2021.

As of 31 March 2023, Zahraa Maadi posted 1.53% higher net profits after tax at EGP 76.23 million, compared to EGP 75.07 million in the year-ago period.