Egypt's Eastern Tobacco to pay $0.82 dividend
Cairo, October 18, 2009
Egypt's cigarette monopoly Eastern Tobacco announced a shareholder dividend of 4.5 Egyptian pounds ($0.82) per share, Egypt's stock exchange said on Sunday, sharply lower than the previous year's payout.
The dividends, agreed at the company's annual general meeting on Thursday, will be paid on November 15.
The firm, which has 50 million listed shares, reported net profit of 830.4 million pounds in fiscal 2008/09, up 10.5 per cent from the previous year, according to the exchange.
In 2008, the firm paid out a 14 pound dividend. In May, HC Brokerage said the firm might not pay dividends this year due to rising outlays, but maintained a 'buy' rating.
The firm's shares were almost 3 per cent lower at 131 pounds by 1115 GMT.-Reuters