Cairo – Mubasher: Assiut Islamic Trading posted a 13% year-on-year (YoY) growth in its net profits, registering EGP 8.17 million in 2020, compared to EGP 7.22 million.
Revenues dropped to EGP 11.34 million last year from EGP 12.12 million in 2019, the company said in a bourse disclosure on Thursday.
The board of directors recommended a cash dividend distribution of 5% of the share capital, amounting to EGP 3.34 million, for 2020’s earnings, and the allocation of EGP 3.52 million for retained earnings.
The proposal will be referred to the company’s shareholders for approval.
Meanwhile, the chairman called on the company’s shareholders to dismiss the proposed dividends in order to protect the company’s financial position against the repercussions of the coronavirus (COVID-19) pandemic.
As for the acquisition offer submitted by several retail investors, the board decided to appoint Zila Consulting as a financial advisor to determine the fair value of the company’s stock in the transaction.
During the first nine months of 2020, Assiut Islamic Trading achieved net profits of EGP 4.83 million, down from EGP 5.26 million in the same period in 2019.
