General for Land Reclamation loss declines
Updated 9/27/2020 7:42:43 PM
ArabFinance: General Company for Land Reclamation, Development, and Reconstruction (AALR) reported a 41% Year on Year decrease in its net loss in the fiscal year (FY) 2019/2020, according to the company's financial statements filed to the Egyptian Exchange.
Net loss stood at EGP 17.207 million in FY 2019/2020, compared to EGP 29.515 million posted in FY 2018/2019.
The company targeted net profits of EGP 2.050 million for the FY 2020/2021, compared to EGP 5.259 million for the current FY 2019/2020.
In 2019, the company suffered an after-tax loss of EGP 737,000, a decline from EGP 12.369 million in 2018.
General Company for Land Reclamation is an Egypt-based company engaged in the real estate development sector. The company focuses on the reclamation and farming desert and port lands for third parties or sale of them to investors.
