ArabFinance: General Company for Land Reclamation, Development and Reconstruction (AALR) has incurred a net loss of EGP 42.429 million during the period from July 1^st 2021 to March 31^st 2022, up from EGP 11.39 million in the same period a year earlier, according to financial indicators filed to the Egyptian Exchange (EGX) on Tuesday.

The company’s revenues dropped by 76.724% year-on-year (YoY), from EGP 74.063 to EGP 17.239 million in the nine-month period ended March 31^st.

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.