Egypt .. The “extracted oils” shares rises 3.99% after the adoption of cash distributions

The shares of the extracted oil company and its products listed on the Egypt Stock Exchange increased by 3.99% during the trading of the session today, Wednesday, to circulate at the price of 3.65 pounds per share, after the adoption of its general distributions.

The shares of the oils extracted at that time were traded at 521.58 thousand shares, with a value of trading 1.89 million pounds.

The highest price for the share at that time was at 3.68 pounds per share during the session, while the lowest price for the share was at 3.53 pounds per share.

This rise in the stock price came after the appropriation of the ordinary general assembly of the extracted oil company and its products report the Board of Directors about the company’s activity and the financial statements for the fiscal year ending in June 2024, in addition to cash and free distributions.

The company explained that the association decided to distribute 10 million pounds to shareholders, at a rate of 5 piasters per share, and it was also decided to distribute free shares to shareholders by a free share for per ten shares, provided that these distributions are funded as follows: 0.5 million pounds of capital reserves, and 19.5 million EGP from last year’s profit balance.

With regard to the extraordinary general assembly, the necessary legal quorum for its contract was not completed, as the attendance rate reached 44.07%.

It should be noted that the extracted oil company and its products recorded profits of about 8.74 million pounds during the period from July 2023 until the end of June 2024, compared to profits of 24.74 million pounds in the previous fiscal year.

The company’s revenues also witnessed an increase during the past fiscal year to 3.67 billion pounds, compared to 3.62 billion pounds in the previous fiscal year.