The ordinary general meeting (OGM) of Sidi Kerir Petrochemicals Company (Sidpec) approved the distribution of EGP 1.25 in cash dividends for 2023.

Dividends will be paid in two instalments; EGP 0.75 per share, to be paid in May 2024, and EGP 0.50 per share to be paid in September, according to a bourse filing.

Furthermore, the OGM also approved the distribution of 151.20 million bonus shares from 2023 profits at a value of EGP 2 per share, totalling EGP 302.40 million.

Sidpec logged EGP 2.45 billion in net profit after tax in the 12-month period that ended on 31 December 2023, up from EGP 1.23 billion in 2022.

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