Cairo - Mubasher: The financial indicators of October Pharma have shown a growth in annual profits by 118.8% last year, with a recommendation of distributing cash dividends to shareholders at 30% of the capital.

The company’s profits totalled EGP 35 million in 2016, compared to EGP 16 million the year before, according to the company’s statement to the Egyptian Exchange (EGX) on Wednesday.

Annual revenues also increased by 18% to EGP 288 million up from EGP 244 million in 2015.

October Pharma attributed the rise in profits to achieving higher sales and reducing costs, the statement indicated, and also revealed in a separate bourse filing that its financial results were not affected by the Egyptian pound's flotation and liberalising the exchange rate.

The company’s board of directors has recommended the distribution of dividends at EGP 3 per share, with a total amount of EGP 18 million, compared to only EGP 12 million in 2015.