Thursday 31 Oct
The extraordinary general assembly of Gadwa for Industrial Development has approved an increase in the company's issued and paid-up capital from 2.004 billion Egyptian pounds to 2.09 billion, an increase of 85.8 million Egyptian pounds.
The
company explained that the increase will be distributed over 45.194 million
shares with a par value of 1.9 Egyptian pounds per share. The increase will be
subscribed for through the company's reward and incentive system, and the value
of that increase is paid through the beneficiaries of the system.
The extraordinary general assembly approved the draft reward and incentive system and the models of contracts for allocating system shares to the beneficiaries.
On the other hand, the ordinary general assembly approved the board of directors' report on the company's activities and the financial statements for the past year and decided to carry over the shareholders' share of profits.
Gadwa achieved a net profit of 1.45 billion Egyptian pounds during the period from January to the end of December 2023, compared to 354.98 million Egyptian pounds in profits during the previous year, taking into account minority interests.
Operating revenues rose during the year to 12.24 billion Egyptian pounds, compared to 8.012 billion Egyptian pounds during the same period in 2022.
