Cairo - Mubasher: The ordinary general meeting (OGM) of Al Salam Group Holding has recommended to the board of directors not to distribute cash dividends for 2016.

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that the OGM has also approved the financial statements as well as the auditors and the board’s reports for the fiscal year that ended on 31 December 2016.

Al Salam Group Holding reported a decline in profits by 96.6% year-on-year in the first quarter of 2017 to KWD 12,500 ($40,970), compared to KWD 366,500 ($1.2 million) in Q1-16.

The company noted that the decline in net profits was attributable to lower stake in the results of sister companies.