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Zahraa Maadi Board ratifies 4.6% profit decline

Zahraa Maadi Board ratifies 4.6% profit decline

ArabFinance: Zahraa Maadi Investment and Development (ZMID) announced in a statement sent to EGX, the Board of Directors (BoD) was held on January 23.

The company's BoD approved unaudited financial results for the fiscal period ending December 2018, which revealed posting after-tax profits of LE152,568,854, versus net profits of LE160,004,563 a year earlier, representing 4.65% decline.

The Board ratified conducting into the capital hike procedure to LE132 million from LE99 million amounting to LE33 million, financing from dividends distribution for the fiscal year 2018. The Board approved distribution 33.33% of issued capital ( by 0.33 free stock per every existing stock). 

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