Alexandria Flour Mills declares cap dividend amid rising profits for FY 2023/24

EGYPT – Alexandria Flour Mills (AFMC), a key player in Egypt’s grain and flour milling industry, announced a cash dividend of EGP 0.75 (US$0.015) per share for the fiscal year (FY) 2023/24.

The dividend, payable on November 7, 2024, is eligible to shareholders on record as of November 4. The payout follows a period of strong financial performance, driven by the company’s growing revenue and substantial increases in profit margins.

In recent quarters, Alexandria Flour Mills has witnessed significant growth. In the first quarter of FY 2023/24, the company reported a 96.9% year-on-year (YoY) rise in net profit, reaching EGP 16.577 million (US$536,000), compared to EGP 8.417 million (US$ 171,015) in the same period the previous year.

Revenues for the quarter also increased by 35.2%, from EGP 56.712 million (US$1.2M) to EGP 76.681 million (US$1.M), demonstrating robust demand for the company’s products across Egypt.​

Founded in 1997 and listed on the Egyptian Exchange (EGX), Alexandria Flour Mills focuses on a diverse portfolio that includes the milling and processing of flour, grains, and their substitutes.

The company’s product offerings include a variety of wheat flours, pasta, baked goods, and animal feed, which cater to both domestic and international markets.

AFMC’s strategic emphasis on automation and high-quality production techniques has strengthened its position as a reliable supplier in the flour milling sector, especially as the demand for grain-based products has grown amid Egypt’s increasing food security initiatives​

This dividend announcement reflects Alexandria Flour Mills’ commitment to shareholder value and follows the company’s dividend growth trend.

With a current annual yield of 2.90%, AFMC has maintained a stable and rising dividend payout ratio, supported by improved earnings and free cash flow metrics.

The firm’s recent performance is attributed to enhanced operational efficiencies and increased market demand, particularly within Egypt’s broader agricultural sector, which has seen increased investments and regulatory support from the government.

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