ArabFinance: Marsa Marsa Alam for Tourism Development (MMAT) reported a 55% Year on Year decline in its net profit in Quarter one (Q1) of 2020, according to the company's June 16th financial statements filed to the Egyptian Exchange.

Net profit reached EGP 301,131 in Q1 2020, a drop from EGP 666,168 achieved in Q1 2019 a year earlier.

In 2019, the company incurred a net loss of EGP 1,915,261, compared to 2,835,218 incurred a year ago.

Marsa Marsa Alam, formerly Marsa Alam for Touristic Development (MATD), a member of Kharafi Group, is an Egypt-based company that is engaged in the development and construction of different touristic communities and villages.