Acrow Misr's board OKs establishing new firm in Philippines
Updated 10/26/2023 9:27:00 AM
Arab Finance: Acrow Misr for Scaffolding and Formwork’s (ACRO) board of directors approved the establishment of a new firm in the Philippines with a capital of $200,000, as per a disclosure on October 26th.
The company’s ownership in the new firm’s capital will stand at 99.8%.
The board also endorsed the payment of cash dividends worth at total of EGP 199.848 million, equivalent to EGP 3.63 per share, to shareholders for the period ended June 30th, 2023.
It is worth mentioning that Acrow’s consolidated net profits after tax and non-controlling interests jumped by 334.3% year on year (YoY) in the first half (H1) of the year, reaching EGP 235.805 million, compared to EGP 54.286 million.
Established in 1977 and listed on EGX in 1982, Acrow Misr operates within the capital goods sector, focusing on construction and engineering.
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