Cairo –  The shareholders of Alexandria Spinning and Weaving Company (Spinalex) approved cash dividends amounting to EGP 16.03 million for fiscal year (FY) 2022/2023.

Spinalex will disburse a dividend of EGP 0.05 per share on 14 December 2023, according to a bourse filing.

The shareholders greenlighted the announced cash dividends during the ordinary general meeting (OGM) that was held on 15 November 2023.

During the 12-month period that ended on 30 June 2023, the listed company posted an annual hike of 297% in net profit after tax to EGP 103.91 million, compared to EGP 35 million.

In the first quarter (Q1) of FY23/24, the net profits after tax increased to EGP 89.86 million from EGP 35 million a year earlier, while the revenue jumped to EGP 279.14 million from EGP 171.49 million.

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