Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria on Sunday said in a bourse filing that its financial statements would not be affected by the recent dismissal of its lawsuit against the Egyptian government.
The statement comes as a response to media reports that the company would have to pay EGP 23 million in the case.
Al Ezz Dekheila Steel, however, stressed that it has already paid this figure over the past few years and would not be paying it once more.
The Alexandria-based steel manufacturer had filed a lawsuit against the government, demanding the repayment of EGP 23 million with interest. However, the Administrative Court dismissed the case.
In 2017, Al Ezz Dekheila Steel – Alexandria achieved EGP 362.4 million in profits, down 72% year-on-year from EGP 1.3 billion. The company’s board approved a cash distribution of EGP 801.8 million or EGP 60 per share for 2017
