Mobco shareholders approve the distribution of a cash coupon for last year’s profits

Cairo – Mubasher: The ordinary meeting of the Misr Fertilizer Production Company – MOPCO, approved the financial statements for last year and cash dividends to shareholders.

The company said in a statement to the Egyptian Stock Exchange on Sunday that the general assembly decided to issue a cash coupon of 2 pounds per share for last year.

It is indicated that Misr Fertilizer Production – MOPCO, It recorded a net profit of 5.97 billion pounds during 2023, compared to profits of 3.83 billion pounds in 2022.

The company’s revenues declined last year to 5.95 billion pounds, compared to 6.99 billion pounds in 2022.

The company’s profits from differences in translating balances in foreign currencies jumped last year to 2.119 billion pounds, compared to 24.62 million pounds in 2022.

While the company’s share of the subsidiary’s profit distributions amounted to about 1.53 billion pounds in 2023, compared to 628.97 million pounds in 2022.

The company noted that it is preparing regular financial statements starting from the end of last December due to the merger of the subsidiary into MOPCO, and no consolidated financial statements will be prepared in the future.

The Egyptian Stock Exchange had agreed to register the increase in the authorized capital of the Misr Fertilizer Production Company – MOPCO from 2.3 billion pounds to 50 billion pounds, and to register the shares of the increase in the issued and paid-up capital of MOPCO from 2.291 billion pounds to 20.791 billion pounds, an increase of 18.5 billion pounds distributed among a number of 1.850 billion shares.

The increase is the result of the merger of the Egyptian Nitrogen Products Company ENPC (a merged company and not listed on the stock exchange list) with the Misr Fertilizer Production Company – MOPCO (a merging company – listed on the stock exchange table), so that the company’s issued and paid-up capital, after the amendment, is distributed over 2,079. 184,011 shares, each share valued at 10 pounds.

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