Egypt's OCI approves $1.1 per share dividend

Ahram Online, Monday 19 Sep 2011

Construction giant will pay out $228.3 million on over 200 million shares

Orascom for Construction Industries (OCI) approved Monday a dividend distribution of US$1.1 per share, from its retained earnings as of 31 December 2010.

The largest company on the exchange will hence distribute a total amount of $228.3 million on its 207.6 million shares. Dividends won't be paid on its Global Depository Receipts (GDRs) which are listed on the London Stock Exchange.

OCI saw its bottom line contract an annual 15 per cent in the second quarter of 2011 to reach $165 million, significantly below consensus estimates.

The builder’s net profit also fell 20 per cent quarter-on-quarter on higher financing costs, lower FX gains and investment income and the application of deferred taxes.




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