General Company for Land Reclamation widens losses in 3 months

Updated 11/9/2021 4:11:00 PM

ArabFinanceGeneral Company for Land Reclamation, Development and Reconstruction (AALR) incurred a net loss after tax of EGP 3.02 million in the first quarter (Q1) of fiscal year (FY) 2021/2022, compared to a loss of EGP 331,000 in Q1 FY 2020/2021, according to the company’s financial indicators filed to the Egyptian Exchange (EGX).

Moreover, revenue fell by 15.89% to EGP 8.57 million in the three-month ended September 30th, 2021, from EGP 10.19 million in the year-ago period.

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.