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Al Fanar for Contracting turns to loss

Al Fanar for Contracting turns to loss

ArabFinance: Al Fanar for Contracting, Construction, Trade, Import, and Export Company (FNAR) incurred a net loss of EGP 69,913 in the first half (H1) of 2020, according to the company’s August 13th financial statements filed to the Egyptian Exchange.

In H1 of 2019, the company posted a net profit of EGP 994,624. 

Al Fanar attributed the loss to the coronavirus repercussions on its business operations, the statement added

In 2019, the company posted a net profit of EGP 1,260,770, a 29% profit decrease from EGP 1,769,223 achieved a year earlier.

Al Fanar was established for the purposes of general contracting, construction, trade, import, and export, in addition to land reclamation and land division. 

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