El Arabia for Land Reclamation’s losses widen 9.5% in 3 months
Updated 11/2/2023 9:13:00 AM
Arab Finance: El Arabia for Land Reclamation posted a 9.46% year-on-year (YoY) increase in net loss after tax for the first quarter (Q1) of fiscal year (FY) 2023/2024, according to the company’s unaudited financial income statement filed to the Egyptian Exchange (EGX) on November 2nd.
Net loss after tax dropped to EGP 4.959 million in the three-month period ended September 30th, 2023, from EGP 4.530 million in the same period of FY 2022/2023.
The company generated revenues of EGP 23.815 million in Q1 FY 2023/2024, down from EGP 37.023 million in the Q1 FY 2022/2023.
Founded in 1964, the public shareholding company is active in land reclamation and division; real estate purchase, sale, and development; housing development and management of coastal, inland and agricultural properties, and general contracting.
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