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Upper Egypt Mills’ OGM nods to dividend payment

Upper Egypt Mills’ OGM nods to dividend payment

ArabFinance: The ordinary general meeting (OGM) of Upper Egypt Mills Company (UEFM) has approved the distribution of cash dividend worth EGP 10 per share to shareholders for fiscal year (FY) 2020/2021, according to a statement filed to the Egyptian Exchange (EGX).

In September, the company announced that its board of directors has proposed the distribution of cash dividends worth a total of EGP 70 million, equivalent to EGP 10 per share to shareholders for FY 2020/2021.

It is worth noting that it achieved a consolidated net profit after tax of EGP 147.11 million in FY 2020/2021, compared to a profit of EGP 143.67 million in FY 2019/2020.

Upper Egypt Mills is primarily involved in the manufacturing, processing, import, export, warehousing, and distribution of different types of grains and grain derivatives. It holds a majority stake of 54.5% in a flour milling company and Kings Valley Mills Company.

 

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