Telecom Egypt sets due date of cash dividends

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ArabFinance: Telecom Egypt (ETEL) announced distributing a cash dividend of EGP 0.25 per share, according to a statement sent to the Egyptian exchange.

The company stated that the dividend will be payable on April 22nd to the shareholders recorded on April 15th.

On March 23rd, the ordinary general meeting (OGM) approved distributing cash dividends of EGP 0.25 per share for the year 2019.

The OGM also ratified exclusion of the land, which has an area of 2865.61 sqm, from Telecom Egypt's assets. In exchange, there will be a reduction in the value of the general reserve.

It is worth mentioning that the company posted consolidated net profits of EGP 4.4 billion in 2019, compared to net profits of EGP 3.3 billion in 2018 taking into account the minority rights.

Moreover, it posted standalone net profits of EGP 5.4 billion in 2019, compared to net profits of EGP 1.3 billion achieved a year earlier.

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