Cairo –  Cairo For Investment and Real Estate Development posted a 52.4% year-on-year profit growth during fiscal year 2018/2019 that ended on 31 August, the company’s consolidated financial statements showed.

Net profits grew to EGP 192.57 million from September 2018 to last August, compared to EGP 126.37 million in the prior-year period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues surged to EGP 704.68 million in the twelve-month period ended 31 August from EGP 517.4 million a year earlier.

As for standalone financials, the EGX-listed firm logged a net profit of EGP 130.43 million from September 2018 to last August, compared to EGP 61.4 million.

The company also decided to distribute the second part of cash dividends totalling EGP 25 million at EGP 0.0429 per share.

Previously, the company’s shareholders approved a cash dividend distribution of EGP 0.0687 apiece with a total amount of EGP 40 million from the retained earnings for fiscal year that ended 31 August 2018.

It is noteworthy that during the nine-month period ended 31 May, the Egyptian company’s net profits soared to EGP 231.56 million, compared to EGP 165.39 million in the corresponding period a year earlier.

Source: Mubasher

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