MARKET NEWS-

Ezz Steel’s net income rose 23.2% y-o-y to EGP 6.6 bn in 2022, according to an EGXdisclosure(pdf). The company’s revenues, meanwhile, rose 23.8% y-o-y to EGP 84.0 bn.

OFH to carry out capital reduction: Orascom Financial Holding’s (OFH) board of directors has agreed to reduce the company’s share capital to EGP 1.49 bn from EGP 1.63 bn, while maintaining the shares’ nominal value at EGP 0.31 apiece, according to an EGXdisclosure(pdf). The company intends to carry out the capital reduction by canceling treasury shares that have been purchased three or more months ago, which constitute 8.5% of the company’s total issued shares.

Telecom Egypt is paying out a dividend of EGP 1.25 per share to eligible shareholders on its 2022 earnings, the company said in a statement (pdf). The payment will be made on 20 April, according to an emailed statement.

Egypt Kuwait Holding (EKH) is paying out a dividend of USD 0.11 per share to eligible shareholders on its 2022 earnings, according to an EGXdisclosure(pdf). The price represents 44% of the shares’ nominal value.

MARKET ROUNDUP-

The EGX30 rose 2.2% at today’s close on turnover of EGP 2.4 bn. Foreign investors were net buyers. The index is up 16.8% YTD.

In the green: GB Auto (+9.4%), Qalaa Holdings (+8.8%) and Abu Qir Fertilizers (+6.8%).

In the red: Taleem (-3.0%), CIRA Education (-1.5%) and Juhayna (-0.4%).

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